Education Reform Now wants the state to bill wealthy districts and use some of the money to help poor communities.
Connecticut will make more than $1.6 billion in supplemental payments into its cash-starved pension systems this fall.
By depositing $1.2 billion extra into its pension funds now, the state hopes to save $2.75 billion over 25 years.
Gov. Ned Lamont will need an extra $200 million in the next biennial budget to bolster the teachers’ pension fund.
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.
Two key issues – tolls and teacher pension costs – weren’t voted out of the finance committee this week. But that doesn’t mean either issue is dead.
The two-year state budget lays the groundwork for tolls, shifts more pension debt onto future taxpayers, deals another blow to hospitals, but closes a multi-billion dollar shortfall without raising the income tax.
Gov. Dannel P. Malloy’s push to smooth out spiking state contributions to the teachers’ pension may hinge on a new proposal to dedicate lottery assets to the cash-starved retirement benefit 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.
Gov. Dannel P. Malloy’s administration is developing a proposal to restructure a second spiking pension expense threatening state finances, according to his deputy budget director.
To find some of the money to reverse cuts to a popular social services program, the legislature is expected Monday to raid $17.8 million owed to next fiscal year’s state budget — which already is at risk of a significant deficit.
Gov. Dannel P. Malloy has called on state lawmakers to restructure Connecticut’s contributions into its cash-starved teacher pension fund, deferring some expenses for decades but mitigating huge, projected cost spikes in the coming 15 years.
If legislators vote on a new state budget Thursday, it may include a complex proposal from Gov. Dannel P. Malloy to restructure skyrocketing contributions to the teachers’ pension program — potentially inflating and then shifting billions of dollars in expenses onto a future generation.
Gov. Dannel P. Malloy has offered a major compromise to end the state budget standoff, scaling back his proposed shift of teacher pension costs to cities and towns by half.
Gov. Dannel P. Malloy has been sparring with his fellow Democrats in the House of Representatives over how much new tax and fee revenue should be raised for the budget. But the real debate is over what type of revenue should be raised — not how much.