Research Report Evaluating Connecticut's Pension Benefits during the Pandemic
Richard W. Johnson
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The coronavirus pandemic threatens the financial stability of Connecticut’s pension plan for state employees, one of the nation’s worst-funded retirement plans. This strain could lead to benefit cuts, but recent plan changes have already reduced future pensions and raised mandatory employee contributions. Many state employees hired today will receive only half as much from the retirement system as they would have collected under the plan rules in effect 25 years ago. Two-thirds of new hires do not work long enough to benefit from the state retirement plan. Alternative plan designs could increase retirement incomes for many of Connecticut’s public servants.

Research Areas Aging and retirement Wealth and financial well-being Taxes and budgets
Tags Pensions Wages and nonwage compensation Retirement State and local tax issues COVID-19 Retirement policy
Policy Centers Income and Benefits Policy Center