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pension

Posted inMoney

Budget options grow as Connecticut pays down obligations

Avatar photo by Keith M. Phaneuf November 23, 2021 @ 12:00 pmAugust 1, 2022 @ 4:03 pm

The state is getting a better handle on its debt after seven years of surging unfunded obligations.

Posted inMoney

CT budget leaders want to use massive savings to expand COVID-19 relief

Avatar photo by Keith M. Phaneuf January 21, 2021 @ 5:00 amMarch 5, 2022 @ 12:48 am

Gov. Ned Lamont’s administration expects to spend about $630 million less than legislators authorized.

Posted inMoney

Surging teacher pension costs will make Lamont’s next budget-balancing act tougher

Avatar photo by Keith M. Phaneuf November 20, 2020 @ 5:00 amMarch 5, 2022 @ 12:44 am

Gov. Ned Lamont will need an extra $200 million in the next biennial budget to bolster the teachers’ pension fund.

Posted inMoney

CT reaches 2nd deal in three years to refinance employees’ pension fund

Avatar photo by Keith M. Phaneuf July 18, 2019 @ 1:53 pmMarch 5, 2022 @ 12:11 am

Gov. Ned Lamont checked off a key box on his budget to-do list Thursday, announcing a deal with state employee unions to refinance payments into the workers’ pension fund.

Posted inMoney

Wall Street agency warns CT’s battle with pension debt is far from over

Avatar photo by Keith M. Phaneuf July 17, 2019 @ 5:49 pmMarch 5, 2022 @ 12:11 am

A new analysis from Moody’s Investors Services showed that Connecticut’s debt is worse than that of nearly all other states.

Posted inMoney

Debate not over on sharing teacher pension costs with towns

Avatar photo by Keith M. Phaneuf June 17, 2019 @ 5:00 amMarch 5, 2022 @ 12:11 am

While municipalities successfully defeated another poroposal to force communities to cover a portion of Connecticut’s contribution to the teachers’ pension fund, local leaders know they remain in the crosshairs — and that a local payment toward this state expense may be inevitable in a few years.

Posted inMoney

Report: CT’s debt costs likely will grow faster than its revenues

Avatar photo by Keith M. Phaneuf November 15, 2018 @ 6:06 pmMarch 4, 2022 @ 11:40 pm

Despite a 12-month surge in state tax receipts, Gov. Dannel P. Malloy’s budget office warned Thursday that Connecticut’s pension obligations and other debt will grow faster than revenues in the coming years.

Posted inEducation, Money, Politics

Nappier, Malloy divided over how to fix teacher pension fund

Avatar photo by Keith M. Phaneuf February 8, 2018 @ 2:33 pmAugust 1, 2022 @ 3:40 pm

State Treasurer Denise L. Nappier warned this week that Gov. Dannel P. Malloy’s recommendation that Connecticut defer and otherwise restructure contributions into the teachers’ pension fund could jeopardize the state’s standing on Wall Street.

Posted inMoney, Politics

Analyses show concessions would save $24B over two decades

Avatar photo by Keith M. Phaneuf June 6, 2017 @ 12:52 pmAugust 1, 2022 @ 3:28 pm

The tentative concessions framework struck by Gov. Dannel P. Malloy and state employee union leaders would save $4.8 billion over the next five years and $24.1 billion over the next two decades, according to analyses prepared by the administration, Connecticut pension actuaries and its healthcare consultant.

Posted inMoney

Advocates for teachers, towns say voters oppose pension cost shift

Avatar photo by Keith M. Phaneuf April 18, 2017 @ 2:56 pmAugust 1, 2022 @ 3:36 pm

The survey, commissioned by the Connecticut Education Association and the Connecticut Conference of Municipalities, found 64 percent of voters would cast ballots against legislators who back such a plan.

Posted inMoney, Politics

Brinksmanship at State Capitol over pension deal

Avatar photoAvatar photo by Keith M. Phaneuf and Mark Pazniokas February 1, 2017 @ 2:16 pmMarch 4, 2022 @ 11:06 pm

Republicans tried Wednesday to scuttle a deal Gov. Dannel P. Malloy struck with state employee unions to avoid spiking pension costs. But the House voted 76 to 72 to ratify the deal, while the Senate followed suit in more dramatic fashion with a tie-breaking vote by Lt. Gov. Nancy Wyman.

Posted inMoney

Budget panel backs deal to stretch out spiking CT pension costs

Avatar photo by Keith M. Phaneuf January 24, 2017 @ 4:37 pmMarch 4, 2022 @ 11:10 pm

The legislature’s Appropriations Committee Tuesday endorsed a new plan that would allow Connecticut to defer billions of dollars in required contributions to the state employees pension fund until after 2032.

Posted inMoney, Politics

House Democrats block GOP bid to require votes on labor deals

Avatar photoAvatar photo by Keith M. Phaneuf and Jacqueline Rabe Thomas January 4, 2017 @ 4:53 pmMarch 4, 2022 @ 11:03 pm

In the first partisan fight of 2017, Democrats in the House of Representatives blocked a Republican proposal Wednesday that would have ended a longstanding practice of approving state employee contracts without a vote.

Posted inMoney

Wall Street agency gives CT pension deal a ‘credit positive’

Avatar photo by Keith M. Phaneuf December 15, 2016 @ 3:16 pmMarch 4, 2022 @ 11:02 pm

Moody’s Investors Service, one of the four major credit rating agencies, labeled the proposal negotiated by Gov. Dannel P. Malloy’s administration and state union leaders as a “credit positive” for Connecticut in the agency’s weekly credit outlook statement.

Posted inMoney, Politics

GOP: CT lawmakers must go on record on new pension deal

Avatar photo by Keith M. Phaneuf December 13, 2016 @ 12:24 pmMarch 4, 2022 @ 11:01 pm

The fate of Gov. Dannel P. Malloy’s plan to restructure the state employee pension system — which would shift billions of dollars of costs onto future taxpayers — mustn’t be resolved without votes by the House and Senate, according to the top Republicans in both chambers.

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