pension News and In-Depth Reporting

Malloy, unions strike deal to stretch out spiking CT pension costs

by Keith M. Phaneuf December 9, 2016 @ 11:56 amMarch 4, 2022 @ 11:00 pm

Updated at 3:50 p.m.
Gov. Dannel P. Malloy announced a deal Friday with state employee unions that would allow Connecticut to dodge a fiscal iceberg by holding down annual pension costs otherwise set to spike over the next 16 years.

Money, Politics

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

by Keith M. Phaneuf October 30, 2015 @ 5:30 amMarch 4, 2022 @ 10:44 pm

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.

Money

Lembo unveils plan to end huge backlog in state pension audits

by Keith M. Phaneuf August 21, 2015 @ 5:30 amJuly 11, 2022 @ 12:51 pm

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.

Money

CT still lags most states in saving for public-sector pensions

by Keith M. Phaneuf July 20, 2015 @ 5:30 amMarch 4, 2022 @ 10:39 pm

Connecticut had enough assets in 2013 to cover just 48 percent of the long-term pension obligations owed to state employees and public school teachers.

Money

Malloy administration says it’s negotiating to fix disability pay controversy

by Keith M. Phaneuf June 18, 2015 @ 10:42 amJuly 11, 2022 @ 12:52 pm

A representative of Gov. Dannel P. Malloy’s administration told state retirement officials Thursday that the administration is negotiating with employee unions and hopes to soon resolve a controversy involving millions of dollars in disability benefit payments.

Politics

Treasurer candidates will finally debate — just before election day

by Keith M. Phaneuf October 17, 2014 @ 12:57 pmMarch 4, 2022 @ 10:30 pm

After months of sparring over when, how often and if they would debate, the major party candidates for state treasurer have agreed to participate in a forum to be televised two days before election day.

Education, Money

CT never looked for teacher’s pension beneficiary owed $192K

by Keith M. Phaneuf May 29, 2014 @ 4:42 pmMarch 4, 2022 @ 10:23 pm

The state hasn’t looked for five years for a teacher’s pension beneficiary owed $192,000, the state auditors reported Thursday. In a letter to Gov. Dannel P. Malloy, Auditors Robert M. Ward and John C. Geragosian also wrote they fear other beneficiaries have not received funds because of one agency’s longstanding failure to collect sufficient contact information.

Money, Politics

Malloy gives up on tax rebate, citing declining revenues

by Keith M. Phaneuf April 28, 2014 @ 11:17 amMarch 4, 2022 @ 10:21 pm

Citing declining state revenue projections, Gov. Dannel P. Malloy gave up Monday on two of his biggest re-election year budget initiatives: a $55-per-person rebate and a supplemental payment into the state employees’ pension fund.

Money, Politics

Malloy offers modest tax breaks for retired CT teachers, consumers

by Keith M. Phaneuf January 31, 2014 @ 2:28 pmMarch 4, 2022 @ 10:16 pm

Gov. Dannel P. Malloy proposed a second round of tax cuts Friday, including a new income tax break for retired teachers that could provide a strategic edge in his re-election bid.

The governor also backed a sales tax exemption for non-prescription medications, an insurance premium break for cities and towns, extending a credit for business investors and a two-day state park fee holiday.

These breaks, worth about $52 million in the fiscal year that begins July 1, would be in addition to the $155 million sales and gasoline tax rebate Malloy unveiled Thursday.

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