The number of retired state employees receiving six figure pensions jumped by at least 30 percent since 2016 and more than 1,000 percent since 2010. According to a report by the Hartford Courant, there are now “nearly 1,400” retirees who received more than $100,000 in pension payments over the course of 2017.
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Despite the suspension of 400 infrastructure projects around the state, Gov. Dannel Malloy’s $100 billion Let’s Go CT initiative is still moving forward, albeit at a slower pace, with $3.7 billion in bonding over the next five years.
Connecticut pays $14,374 per teacher per year toward the teacher pension debt, money that could be used to increase teacher salaries or improve children’s education.
Connecticut has the most underfunded pension system in the nation, amassing more than $127.7 billion in liabilities, according to an annual study by the American Legislative Exchange Council.
Connecticut teacher pension contribution may rise 1 percent under new budget, but still remain below national average
Lawmakers may increase the teacher pension contribution rate from 6 percent of a teacher’s pay to 7 percent as part of a new, compromise budget package. Although proposal has drawn strong criticism from the state’s teachers’ unions, Connecticut teachers would still be paying less than the 8 percent national average teacher pension contribution and far less than the 11 percent contribution required in Massachusetts.
There are only a few states that generally rank lower than Connecticut in terms of fiscal stability and outlook and New Jersey is usually one of them. Like Connecticut, New Jersey is saddled with high taxes, major pension problems and fiscal mismanagement, but a new study released by the Garden State Initiative uses Connecticut’s history of raising taxes to solve those problems as a “cautionary tale."