Pension Savings Disputed

HARTFORD, Conn. (AP) _ A nonpartisan analysis shows a $3.1 billion difference between how much Gov. Dannel P. Malloy expects to save from changes to the state’s pension plan, and how much the General Assembly’s budget office is now projecting.

In a letter to Republican leaders on Friday, the legislature’s Office of Fiscal Analysis said the pension portion of the labor concessions deal reached last year between the Democratic governor and state employees will generate approximately $1.7 billion in savings over 20 years. Malloy’s budget office, however, has said it would save $4.8 billion over 20 years.

Republicans had asked OFA to analyze Malloy’s projected pension savings.

Senate Minority Leader John McKinney said lawmakers need to consider stronger pension changes when they return next month.

A message was left seeking comment with Malloy’s office.

(Copyright 2012 by The Associated Press.  All Rights Reserved.)

  • Perry Masonjar

    Let’s see the audit report on the pension fund by the CPA and pension actuary. Where is it, Dannelle?

  • LJS

    So the whole concessions deal that played itself out with the union was a charade to simulate sacrifice in order that objections to the largest tax increase in state history could be blunted?

    I get the nagging sense that this governor is determined to wreck Connecticut financially. His fuzzy math creates exactly the type of uncertainty that kills potential job creation which is the foundation of any economic recovery and he’s smart enough to know that. Clearly this administration couldn’t possibly care less for the future of the state and by not standing up to him and going public with the BS, republicans in the legislature show that they couldn’t care less either. Surely these types of issues would resonate with regular folks who must make hard choices because of rising expenses and an ever increasing tax burden are faced with elected officials refusing to do the same- thereby placing the burden created by their own irresponsibility not only on the backs of the tax payer but on the backs of the next generation as though there aren’t enough challenges waiting in the wings for them.

    Maybe by the end of Malloy’s term, Connecticut will be in enough of a shambles that its voters will make the right choices- not only in choosing his successor but also in selecting members of the legislature the new governor will be working with.

    Surely the ranks of the jobless, whose numbers are only decreased by accepted statistical trickery, will have proper motivation to seek change. Our status gives extra free time and energy to dig past the smokescreen press releases and misleading headlines that not only trumpet the phantom fiscal responsibility but also boast of an improving employment situation when the real data reveals a number of new jobs not supporting the politically expedient assertions made by those who are willfully oblivious to the economic and social wreckage that their propaganda is concealing.

    Meanwhile I have to wonder whether the level of malfeasance by the current guard warrants the start impeachment proceedings since Connecticut’s constitution does not provide for a recall. The day he was sworn in he referred to the “dark shadow” that the budget crisis was casting across the state. Under his watch that shadow has only grown longer and darker. Hopefully the sun will set on his administration before it sets on the future of the state whose economy he is destroying.

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