14 04, 2015

U.S. Rep. John Larson Says His Bill Will Bolster Social Security

2015-04-14T16:28:07-07:00April 14th, 2015|Categories: Retirement|Tags: , , |

U.S. Rep. John B. Larson has a plan that he says will stabilize the Social Security system until the turn of the next century. It starts with “rebranding” the government program launched 80 years ago by President Franklin D. Roosevelt. “There’s a lot of misunderstanding about Social Security,” said Larson, a Democrat from East Hartford who represents Connecticut’s 1st Congressional District. “The notion that has been stated by so many that it’s an entitlement program is wrong-headed. Social Security is the [...]

2 06, 2014

Pension ruling raises tension between Cheshire council, police union

2014-06-02T17:46:41-07:00June 2nd, 2014|Categories: Retirement|Tags: , , |

A ruling by a three-person arbitration panel issued last week in a dispute over police pensions has stirred tensions between local patrolman’s union and the Town Council. Vice Chairman David Schrumm on Thursday called the arbitration panel’s ruling on May 20 in favor of the union in a dispute over defined pension benefits “a travesty, a real shame that will cost Cheshire taxpayers for years to come.” The 22-page ruling delayed the town’s ability to end enrollment of new [...]

29 05, 2014

GASB Proposes Major Improvements for Reporting Health Insurance and Other Retiree Benefits

2014-05-29T21:48:09-07:00May 29th, 2014|Categories: Retirement|Tags: , |

The Governmental Accounting Standards Board (GASB) today voted unanimously to approve two Exposure Drafts proposing significant improvements to financial reporting by state and local governments of other postemployment benefits (OPEB), such as retiree health insurance. The GASB also approved a third Exposure Draft that would establish requirements for pensions and pension plans that are outside the scope of the pension standards the GASB released in 2012. The most significant effect of the OPEB Exposure Drafts would be to require [...]

12 02, 2014

New retirement fund proposed for residents

2014-02-12T22:11:20-07:00February 12th, 2014|Categories: Retirement|Tags: , |

A proposal to create a retirement trust fund for Connecticut residents –at no charge to the state — has been proposed for the second consecutive legislative session. Lawmakers joined union leaders and activists on Tuesday to rekindle a bill that was defeated last year. It would be a way for workers with inadequate or non-existent retirement plans to piggyback on state investments that are bringing back double-digit interest for the state’s public-employee and teacher retirement funds. Sen. Catherine A. Osten, D-Baltic, co-chairman of [...]

10 02, 2014

Pension caveat ‘saves Newtown taxpayers millions’

2014-02-10T18:08:33-07:00February 10th, 2014|Categories: Retirement|Tags: , , |

Newtown Finance Director Robert Tait calls them “horror stories.” He is referring to endless news reports from states and cities including Connecticut and many of its 169 municipalities, about the horrible condition of public employee pension plans. But he said in a February 5 interview with The Newtown Bee that neither pensioners nor taxpayers should be too concerned about the state of Newtown’s pension system. And he reminded taxpayers that every year, they benefit to the tune of “millions…possibly as much [...]

14 01, 2014

Fix state pension plan or reality will

2014-01-28T22:54:23-07:00January 14th, 2014|Categories: Pension Reform, Retirement|Tags: , , , |

This is the second in a two-part editorial series concerning the underfunded state employees’ pension system and the steps necessary to repair it. Throughout the private sector, companies have amended traditional defined benefit pension plans. In some cases, workers have seen pension benefits frozen and are forced to move into 401(k) plans to help save for their own retirement. For many others, these self-funded accounts, sometimes with employer matching contributions and sometimes not, are the only resource to prepare [...]