Free Daily Headlines :

  • COVID-19
  • Vaccine Info
  • Money
  • Politics
  • Education
  • Health
  • Justice
  • More
    • Environment
    • Economic Development
    • Gaming
    • Investigations
    • Social Services
    • TRANSPORTATION
  • Opinion
    • CT Viewpoints
    • CT Artpoints
DONATE
Reflecting Connecticut’s Reality.
    COVID-19
    Vaccine Info
    Money
    Politics
    Education
    Health
    Justice
    More
    Environment
    Economic Development
    Gaming
    Investigations
    Social Services
    TRANSPORTATION
    Opinion
    CT Viewpoints
    CT Artpoints

LET�S GET SOCIAL

Show your love for great stories and out standing journalism

Report: CT 4th worst in unfunded pension liabilities per teacher

  • Education
  • by Jacqueline Rabe Thomas
  • May 16, 2016
  • View as "Clean Read" "Exit Clean Read"

Connecticut has the 4th highest pension costs for its public school teachers in the U.S., a new report released Monday shows.

The high costs are largely attributed to a failure to save enough to pay for future pension promises, the report from TeacherPensions.org concludes.

The report is a project of Bellwether Education Partners, a nonprofit funded by The Joyce Foundation and the Laura and John Arnold Foundation.

“Like the proverbial Pac-Man, the rapidly rising costs of teacher retirement and insurance benefits are pushing out money that could be spent on salaries,” the report concludes.

In Connecticut, the actual amount the state would need to set aside to provide health and retirement benefits to its teachers was $2,611 per year. The added cost to pay for the past unfunded liabilities, however, is $14,374. Only Alaska, Massachusettes and Illinois had a greater unfunded liability per teacher.

The teachers’ pension fund – which has been one of the state’s fastest growing expenses in recent years – will cost the state $1.012 billion in the fiscal year that begins July 1. That’s a $36.6 million increase over the current fiscal year, or 4 percent.

While Connecticut borrowed $2 billion in 2008 to help shore up the troubled fund and promised investors it would contribute annually the full amount recommended by analysts, the most recent review of the fund showed the fund still had $10.8 billion in unfunded liabilities as of June 30, 2014.

In 2008, the fund had enough assets to cover 71 percent of its obligations, and by 2014, the fund had 59 percent of its obligations covered. Actuaries typically cite 80 percent as a fiscally healthy level, which analysts projected the state should reach by 2027.

The state also helps pay for a health plan to supplement Medicare for retired teachers. While that plan is a pay-as-you-go system – not funded by investments – analysts reported the future amount owed to active and retired teachers declined from $3 billion as of June 30, 2012, to $2.4 billion as of June 30, 2014.

Teachers contribute toward both their pension and retirement health plans.

Sign up for CT Mirror's free daily news summary.

Free to Read. Not Free to Produce.

The Connecticut Mirror is a nonprofit newsroom. 90% of our revenue comes from people like you. If you value our reporting please consider making a donation. You'll enjoy reading CT Mirror even more knowing you helped make it happen.

YES, I'LL DONATE TODAY

ABOUT THE AUTHOR

Jacqueline Rabe Thomas is CT Mirror’s Education and Housing Reporter and an original member of the CT Mirror staff. She has won first-place awards for investigative reporting from state, New England, and national organizations. Before joining CT Mirror in late 2009, Jacqueline was a reporter, online editor and website developer for The Washington Post Co.’s Maryland newspaper chains. She has also worked for Congressional Quarterly and the Toledo Free Press. Jacqueline received an undergraduate degree in journalism from Bowling Green State University and a master’s in public policy from Trinity College.

SEE WHAT READERS SAID

RELATED STORIES
1,500 Hartford school staff to be vaccinated this week at pop-up clinic
by Adria Watson

Vaccinations are taking place Thursday and Friday. A second round will be scheduled in coming days.

With billions in federal relief on the way to CT, legislators assert their role in deciding how to spend it
by Keith M. Phaneuf and Mark Pazniokas

With an unusual bill, state legislators are reminding Gov. Ned Lamont they have significant role in disbursing federal coronavirus relief.

As the push to reopen schools intensifies, Miguel Cardona and first lady Jill Biden travel to Meriden to show how this town did it
by Jacqueline Rabe Thomas and Adria Watson

Cardona said getting the nation's schools reopened is priority No. 1.

Will getting teachers vaccinated get students back in school full time? It might not be that easy
by Jacqueline Rabe Thomas, Kasturi Pananjady and Adria Watson

Districts will have to convince parents and students that in-person learning is safe and that students won't bring COVID-19 home.

Senate confirms Miguel Cardona as U.S. Secretary of Education
by Adria Watson

Cardona was the youngest principal in the state of Connecticut.

Support Our Work

Show your love for great stories and outstanding journalism.

$
Select One
  • Monthly
  • Yearly
  • Once
Artpoint painter
CT ViewpointsCT Artpoints
Opinion The public health bill no one is talking about, but should be
by Brian Festa

On February 16,  the legislature's Public Health Committee conducted a public hearing on two bills, S.B. 568 and H.B. 6423, both of which would eliminate the religious exemption to mandatory vaccinations for Connecticut schoolchildren.  The hearing was capped at 24 hours, depriving nearly 1,500 members of the public who had registered for the hearing their opportunity to be heard.  The vast majority of those who did testify, and who submitted written testimony, opposed the bill.  The committee is expected to vote on the bill as early as  today. 

Opinion Students need more resources, fewer officers
by Tenille Bonilla

"School resource officer" is just a nice way to say cop. But what students really need is more resource and less officer.

Opinion The Board of Regents’ changes must not shortchange its students or faculty
by Carrie Andreoletti, PhD

As a university professor and a lifespan developmental psychologist, I tend to approach my work from a developmental perspective. This means I aim to foster a lifelong love of learning and to help others find a sense of meaning and purpose, as well as confidence in their ability to reach their goals. My approach to higher education is shaped by my desire to provide the best possible education for my students. This is why the recent Board of Regents’ proposed changes at the four state universities have me worried.

Opinion How to close schooling opportunity gaps created by the pandemic
by Carol Gale

We ask school district leaders to trust your public servants whose daily work life involves assessing student needs and planning or modifying instruction to meet those needs. Listen to their voices, as we have, and allocate precious resources on interventions that will offer increased opportunities for Hartford students to succeed.

Artwork Grand guidance
by Anne:Gogh

In a world of systemic oppression aimed towards those of darker skintones – representation matters. We are more than our equity elusive environments, more than numbers in a prison and much more than victims of societal dispositions. This piece depicts a melanated young man draped in a cape ascending high above multiple forms of oppression. […]

Artwork Shea
by Anthony Valentine

Shea is a story about race and social inequalities that plague America. It is a narrative that prompts the question, “Do you know what it’s like to wake up in new skin?”

Artwork The Declaration of Human Rights
by Andres Chaparro

Through my artwork I strive to create an example of ideas that reflect my desire to raise social consciousness, and cultural awareness. Jazz music is the catalyst to all my work, and plays a major influence in each piece of work.”

Artwork ‘A thing of beauty. Destroy it forever’
by Richard DiCarlo | Derby

During times like these it’s often fun to revisit something familiar and approach things with a different slant. I have been taking some Pop culture and Art masterpieces and applying the vintage 1960’s and 70’s classic figures (Fisher Price, little people) to the make an amusing pieces. Here is my homage to Fisher -Price, Yellow […]

Twitter Feed
A Twitter List by CTMirror

Engage

  • Reflections Tickets & Sponsorships
  • Events
  • Donate
  • Newsletter Sign-Up
  • Submit to Viewpoints
  • Submit to ArtPoints
  • Economic Indicator Dashboard
  • Speaking Engagements
  • Commenting Guidelines
  • Legal Notices
  • Contact Us

About

  • About CT Mirror
  • Announcements
  • Board
  • Staff
  • Sponsors and Funders
  • Donors
  • Friends of CT Mirror
  • History
  • Financial
  • Policies
  • Strategic Plan

Opportunity

  • Advertising and Sponsorship
  • Speaking Engagements
  • Use of Photography
  • Work for Us

Go Deeper

  • Steady Habits Podcast
  • Economic Indicator Dashboard
  • Five Things

The Connecticut News Project, Inc. 1049 Asylum Avenue, Hartford, CT 06105. Phone: 860-218-6380

© Copyright 2021, The Connecticut News Project. All Rights Reserved. Website by Web Publisher PRO