Connecticut Gov. Calls for Pension Contribution Restructure
Malloy says state can’t afford annual payments into teachers’ retirement system.
Malloy says state can’t afford annual payments into teachers’ retirement system.
Think tank says change will not be enough to stave off budget cuts and tax increases.
Gov. Dannel Malloy said the budget would eliminate hundreds of millions of dollars in pension fund contributions.
Cause linked to unreported debt, unrealistic return expectations.
Liabilities more than double in 10 years, while assets gain 28%.
The state seeks to close a $5.1 billion shortfall in two years.