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During his re-election campaign — and ever since, Governor Ned Lamont has claimed credit for a “Connecticut Comeback” and for “progress on pensions.” Yet long-term debt has increased $3 billion. The u...
Governor Lamont claims to be engineering the Connecticut Comeback. Not so fast. Immediately before he first took office in 2018, the state’s long-term debt was $83.4 billion. The latest state financia...
Lawmakers vote to revamp Kentucky Teachers pension plan Kentucky state Rep. C. Ed Massey The Kentucky House of Representatives voted to approve a bill that would move participants in the Kentucky Teachers' Retirement System, Frankfort, to a hybrid plan. The House voted 68-28 in favor of the bill, which creates a tier for teachers hired after Jan. 1, 2022. Rep. C. Ed Massey sponsored the bill because the $21.6 billion pension fund "has a huge unfunded legacy," he said in a telephone interview. The changes for teachers hired after Jan. 1 creates "a true hybrid plan," Mr. Massey said. "There's a...
Investment rate cut is the third made by the state in the past four years. The $116 billion North Carolina Retirement Systems has lowered its assumed rate of investment return for the third time in four years, cutting it by 50 basis points (bps) to 6.5% from 7% annually. The target return had already been reduced to 7.2% from 7.25% in 2017 and again in 2018 to 7%. Prior to then, the rates had been left unchanged for nearly six decades even though the two main state pension funds—the Teachers’ and State Employees’ Retirement System and the Local Government Employees’ Retirement System...