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June 5, 2018
From: The
Federation of Connecticut Taxpayers
Contact: Susan
Kniep, President
Website: http://ctact.org/
Email: fctopresident@aol.com
Telephone:
860-841-8032
BREAKING NEWS FROM Christopher Keating of
the HARTFORD Courant
$325K A Year State Investment Officer
Leaves Job After 10 Days
Sean Crawford was hired with a glowing press announcement last
month as the new chief investment officer for the states $34 billion pension
fund. The key position in handling important investments made him among the
most highly paid state employees at $325,000 per year.
But Crawford was suddenly gone from the post within 10 days
with little explanation. Continue reading report at http://www.courant.com/politics/hc-pol-nappier-cio-out-10-days-20180604-story.html
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COMPTROLLER LEMBO SAYS BIPARTISAN
BUDGET PUTS CT ON PATH TO $721 MILLION DEFICIT AND CONTINUES RELIANCE ON THE RAINY DAY FUND
Excerpt: Comptroller Kevin Lembo
today released his latest monthly financial projection, reporting that
Connecticut is on track to end the current fiscal year with a $721-million
deficit that reflects the results of the recent bi-partisan budget agreement.
In a letter to Gov. Dannel P.
Malloy, Lembo said that Public Act 18-81, An Act
Concerning Revisions to the State Budget for Fiscal Year 2019 and Deficiency
Appropriations for Fiscal Year 2018 - signed into law on May 15 - has
increased the budget deficit projection this year by $334.3 million over the
prior month.
The increased projection has little to do with changes to
revenue trends. Lembo said its largely due to
adjustments made through the bipartisan budget law that shifts certain
funding from Fiscal Year 2018 to Fiscal Year 2019 to address future
shortfalls. These carry-forwards include $299.2 million in payments to
hospitals, $21 million for Medicaid and $21.5 million for retiree health
insurance. Continue reading at http://www.osc.ct.gov/public/news/releases/20180601.html
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On April 24, 2018 The Hartford Courant
reported
Audit Economic Development Agency
Erred On Tax Credits, Job Creation Numbers
The following is an excerpt DECD
understated tax credits related to investments in industrial sites by $71
million, or 12 percent of the total, and overstated total credits earned by
$14.9 million, or 5 percent, according to the auditors.
In addition, the agency understated a tax credit intended to
promote movie production in Connecticut by $7.2 million, the auditors said.
DECD also understated the amount of aid in the state’s Small Business Express
program, intended to promote small business development, by nearly $16.5
million, or 7 percent, because it failed to include 80 projects. Read
entire article at http://www.courant.com/business/hc-biz-decd-audit-20180424-story.html
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The 15 States Making Americas Pension
Crisis Worse
Excerpt Research from the American Legislative Exchange Council shows
just how bad the situation is for public pension plans around the country.
Looking at the investment return assumptions used by states, ALEC calculates
how much the promised pension amounts exceed current assets to arrive at the
shortfall. States with larger populations have more
public employees and more pensions to fund, but we’ll visit a small state with
a big problem (page 4) and two
medium-sized states with more than $350 billion in shortfalls (pages 12 and 13).
12. Connecticut
A small state with a huge problem.
Pension shortfall:
$127.7 billion
Population:
3,588,184
Spoiler
alert: Connecticut is the smallest state we will visit,
but it has one of the biggest pension problems. The state has
176,674 current and former employees taking pensions (also the smallest number
on our list) as of 2016, yet with 212 total plans and more than $127 billion in
shortfalls, this small New England state is one of the states making Americas
pension crisis worse. Continue reading at https://www.cheatsheet.com/culture/states-making-americas-pension-crisis-worse.html/
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Fellow Taxpayers:
The State of Connecticut has one of the best transparency websites in the
country which you can access at Transparency Connecticut. Here you can access information on Compensation, Pensions, Payments, Expenditures, Contracts and more.
Since
the aforementioned article references State Retiree Pensions
you may wish to visit the States website to access the Pensions being paid to
Connecticut retirees which totals $1,833,888,764.
Follow
these simple steps: Click on Pensions, Next click on the
word SEARCH. Then go to column headed TOTAL.
Click the word TOTAL twice (2
times).
This
will bring you to the Pensions being paid to State retirees from the highest to
the lowest pensions paid. To move to Page 2,
you will see above the column headed TOTAL the following - Record 1 to 25
of 48,395. Next to that is an arrow, which will take you to the next
page. Continue to follow this process to view the Highest to the Lowest
Pensions Being Paid per State retiree for Calendar Year 2017 which would be
from Jan 1, 2017 through to Dec 31, 2017.
Here are the
TOP PENSIONS PAID FOR CALENDAR YEAR 2017
$313,275; $312,680; $256,443; $239,465;
$236,900; $236,021; $235,712; $236,021; $235,712; $226,957; $224,378; $220,727;
$220,023; $214,601; $205,928; $195,294; $193,778.40; $193,309.
**********************
A Lucrative Loophole for Connecticuts Ex-Legislators (editorial - Hartford Courant)
Excerpt: Retired Democratic state Sen. Eric
Coleman turns 67 this month. He now earns an annual state pension of $21,824
for his years of part-time service in the legislature. Soon, The Courants Jon
Lender reports, that pension
could jump to $110,000 because Mr. Coleman has hit the state Capitol jackpot:
He's been nominated to the bench by Gov. Dannel P.
Malloy. Continue reading at http://www.courant.com/opinion/editorials/hc-ed-lawmakers-get-six-figure-pensions-when-named-judges-20180430-story.html
The aforementioned was
posted to the following website which you may wish to visit often
News for Connecticut Pension Tsunami
Pension Tsunami
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Governor Malloy Redefines Fair
Thurston Powers April 5, 2018
Excerpt What is fair about state
employees receiving benefits that are 25 to 46 percent greater
than those offered for the same work as private sector workers, at taxpayer
expense? There was a window where these benefit plans could have been reformed,
but Gov. Malloy and his allies extended the State Employee Bargaining Agent
Coalition (SEBAC) contract to 2027, forestalling
meaningful reform for a decade. In addition to preventing needed reforms, the
new contract also prevents future layoffs, tying the hands of future governors
in the face of a growing fiscal crisis. SEBAC was not shared sacrifice on the
part of the state employee union, but rather secured rent at the expense of the
taxpayer. Continue reading at https://www.alec.org/article/governor-malloy-redefines-fair/
**********************
The Hartford Courant reports
Jon Lender:
$480K For Blocks Of Color On UConn Lobby's Wall
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The Washington Post reports
Supreme Court rules in favor of baker
who would not make wedding cake for gay couple
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