state employees retirement system

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Malloy in talks with state unions to restructure payments owed pension fund

State budget director Benjamin Barnes answers questions from members of the state Spending Cap Commission.

Gov. Dannel P. Malloy’s administration is in negotiations with state employee unions — but only over how to restructure payments Connecticut owes to its cash-starved employee pension system, not any changes in benefits or employee contributions. Continue Reading →

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Treasurer offers alternative vision for state pension fix

State Treasurer Denise L. Nappier

Connecticut faces sharply rising pension costs over the next two decades — but nearly $2 billion less at its worst point than the nightmare scenario Gov. Dannel P. Malloy outlined two months ago, according to a new analysis Wednesday from state Treasurer Denise L. Nappier. Continue Reading →

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Malloy: Time is running short to strike a budget deal

Left to right, Senate Majority Leader Martin M. Looney of New Haven, House Minority Leader Themis Klarides of Derby and Senate Minority Leader Len Fasano of North haven after meeting with Gov. Dannel P. Malloy Monday.

While legislative leaders were uncharacteristically coy following Monday’s budget negotiations, Gov. Dannel P. Malloy made it clear lawmakers are running out of time if they want to play a role in balancing state finances. Continue Reading →

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Treasurer raises more concerns about Malloy’s plan for pensions

Ben Barnes, the governor's budget director, talks with experts from Boston College's Center for Retirement Research.

While Gov. Dannel P. Malloy intensified his pitch Tuesday to restructure Connecticut’s troubled pension funds, state Treasurer Denise L. Nappier repeated earlier fiscal concerns — and raised new legal questions. The treasurer also said she would offer a “less radical” alternative next month to the governor’s plans for pensions involving state employees and public school teachers. Continue Reading →

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Malloy’s new pension fix is a big departure from his first try

state budget

One year after taking office, Gov. Dannel P. Malloy vowed to accelerate payments into the state’s cash-starved pension fund, much as a family might make extra mortgage payments now to lessen balloon payments looming in future years. This week, the governor dramatically altered that strategy. Continue Reading →

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Malloy calls for big change in pension financing, modest business tax cuts

Gov. Dannel P. Malloy

EAST HARTFORD — Gov. Dannel P. Malloy outlined Wednesday a sweeping plan to overhaul state government’s pension system, pushing some costs off for a decade and a half to control spiking costs that he argued could drive up taxes and drain vital programs. He also proposed modest cuts in business taxes and a cut of 500 state workers. Continue Reading →

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Connecticut paying today for pension sins of the past

budget

As legislators and others look closely at the cost of state employee salaries and benefits, one crucial factor often gets little or no attention: The overwhelming bulk of costs Connecticut faces today to support pension programs for state employees and public school teachers is from cleaning up problems caused years – and in many cases decades – ago. Continue Reading →

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Lembo unveils plan to end huge backlog in state pension audits

State Comptroller Kevin P. Lembo

State Comptroller Kevin P. Lembo’s office announced Thursday that a huge, decades-old backlog in finalizing state pensions should finally be alleviated over the next 18 months. And Lembo said a new automated system also would make it easier for state workers to research their future benefits. Continue Reading →

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