Third Study Released: Funding Crisis for State Pensions and Other Post Employment Benefits
The Connecticut Regional Institute for the 21st Century (the Institute), a non-profit group that focuses on ways in which Connecticut can expand its economic growth, today announced key findings of the third in its series of studies to inform policymakers about critical issues that hold the most potential for the state’s future.
The State projects facing a $3.4 billion budget deficit in fiscal year 2011. Shrinking revenues are forcing governors and legislators to examine all areas of public spending for possible savings. This report focuses on the funding crisis for pensions and other post employment benefits that is facing many states but is particularly burdensome in Connecticut.
Since the 2008 financial meltdown, the tension between the fiscal health of the states’ retirement programs and the need for states to provide other services has been especially intense. Between 2008 and September 2010, in an effort to get costs under control, 40 states took at least one action with respect to their pension programs and 15 states took at least one action with respect to their retiree medical program. View the full press release…
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Your study on pensions needs to be redone. It contains a critical (in fact fatal) error. You state that the Connecticut’s “Teacher’s Plan is funded by local boards of education.” It is not. It is funded 100% (the employer portion that is) by the State.