The state is getting a better handle on its debt after seven years of surging unfunded obligations.
pension
Posted inMoney
CT budget leaders want to use massive savings to expand COVID-19 relief
Gov. Ned Lamont’s administration expects to spend about $630 million less than legislators authorized.
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Surging teacher pension costs will make Lamont’s next budget-balancing act tougher
Gov. Ned Lamont will need an extra $200 million in the next biennial budget to bolster the teachers’ pension fund.
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CT reaches 2nd deal in three years to refinance employees’ pension fund
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.
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Wall Street agency warns CT’s battle with pension debt is far from over
A new analysis from Moody’s Investors Services showed that Connecticut’s debt is worse than that of nearly all other states.
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Debate not over on sharing teacher pension costs with towns
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.
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Report: CT’s debt costs likely will grow faster than its revenues
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
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
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.
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Advocates for teachers, towns say voters oppose pension cost shift
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
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.
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Budget panel backs deal to stretch out spiking CT pension costs
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
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.
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Wall Street agency gives CT pension deal a ‘credit positive’
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
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.