Resource Library

Fixed Costs | View All

Expanded

|

Collapsed

  • Office of Policy and Management (OPM) Fiscal Accountability Reports

    Each year, in accordance with state statute, Connecticut's Office of Policy and Management produces a Fiscal Accountability Report outlining "significant factors affecting Connecticut’s budgetary and economic outlook." The purpose of the annual report is to inform policymakers about 1) Connecticut's fiscal state and 2) the financial and economic challenges the state currently faces and/or will potentially encounter in the future.

  • Office of Fiscal Analysis (OFA) Fiscal Accountability Reports

    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. For the most recent report, fixed cost drivers include debt service, pension contributions, retiree health care, entitlement programs, and federal mandates.

  • Presentation to Commission on Fiscal Stability and Economic Growth

    Presentation, produced by the Millstein & Co. financial services firm and given to the Commission on Fiscal Stability and Economic Growth, covering Connecticut's current fiscal landscape, fixed costs, and economic state. The presentation also covers structured asset transactions and other areas for the Commission to examine.

  • Actuarial Valuation and Review Reports on Other Post-employment Benefits (OPEB)

    Periodically since 2008, an actuarial valuation and review has been conducted concerning the State of Connecticut's Other Post-employment Benefits (OPEB) program. Other Post-employment Benefits are benefits (other than pensions) that the State of Connecticut provides to state employees once they retire. These benefits include medical, dental, and life insurance as well as prescription drug coverage. The actuarial valuation report, which is submitted to the Office of the State Comptroller, provides a summary of the funded status of the State's OPEB program and recommends annual rates for contributions made to the program by the State of Connecticut.

  • Forensics and the Future of a Connecticut Pension Plan

    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.

  • Final Report on Connecticut's State Employees Retirement System and Teachers' Retirement System

    A comprehensive report, from researchers at the Center for Retirement Research at Boston College, that examines the fiscal health of Connecticut's two largest public sector retirement systems: the State Employees Retirement System (SERS) and the Teachers' Retirement System (TRS). In addition to projecting the systems' finances going forward and presenting "alternatives to shore up the systems' finances and improve budget flexibility," the report, which was requested by the State of Connecticut, looks at the State's unfunded liabilities for both systems and the factors that have caused those unfunded liabilities to increase significantly over the years. The report finds "[t]hree factors underlie the current unfunded liability of SERS and TRS: 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."

  • The Trillion Dollar Gap: Connecticut

    This fact sheet from the Pew Charitable Trusts looks at Connecticut's growing long-term pension liabilities and the significant costs and challenges they pose to the state and its citizens.