Each November, in accordance with state statute, the Connecticut General Assembly's Office of Fiscal Analysis produces a Fiscal Accountability Report. According to statute, the report must explain: (1) the level of spending changes from current year spending allowed by consensus revenue estimates, (2) any changes to current year spending necessary because of “fixed cost drivers,” and (3) the total change to current year spending required to accommodate fixed cost drivers without exceeding current revenue estimates.
Research report from the Connecticut General Assembly's nonpartisan Office of Legislative Research that provides background information on why Connecticut public school teachers are not covered by Social Security.
The State Employees Bargaining Agent Coalition (SEBAC) is made up of 15 public sector employee unions representing roughly 46,000 Connecticut state employees. SEBAC was recognized in 1986 under Conn. Acts 86-411 to negotiate with the State on healthcare and pension benefits for its individual unions’ active members, as well as retirees.
Research report from the Connecticut General Assembly's nonpartisan Office of Legislative Research that identifies state employee collective bargaining agreements presented to the General Assembly from 2002 to May 2017 and states how they were approved.
Summary from the Connecticut General Assembly's Office of Fiscal Analysis of the recent agreement between the State of Connecticut and the State Employees’ Bargaining Agent Coalition (SEBAC) regarding various changes to actuarial assumptions for the State Employees’ Retirement System (SERS).
This issue brief, based on a November 2015 comprehensive report from researchers at the Center for Retirement Research at Boston College, examines Connecticut's State Employees Retirement System (SERS) and the State's significant unfunded liabilities associated with the system. Along with providing a brief history of funding for SERS and offering alternatives meant to shore up the system's finances and improve the overall flexibility of Connecticut's budget, the issue brief examines three major factors that contributed to SERS' unfunded liability. These factors include: 1) legacy costs from benefits promised before the systems were pre-funded; 2) inadequate contributions once the State decided to pre-fund; and 3) low investment returns relative to the assumed return since 2000.