Therefore, it really depends on your situation and if you are unsure or need help then it may be a good idea to get in touch with a financial planner. We have you covered, check out my Podcast 2 Upcoming Changes for CT State Employees Pensions #50 on my Website, Spotify, or Apple Music! As we go into a time period where we expect a significant number of retirements, we want to make sure that we can attract and retain top talent across all of our agencies whether in management or non-management positions, McCaw said. Hurley. and 75% of the increase above 6%, with a minimum COLA of 2%, and a maximum of 7.5%. Spring & Summer at Mt. The Senate gave final approval Friday to a four-year package of raises for state employees that includes $3,500 in bonuses to help stem a surge in worker retirements. Rep. Michael France of Ledyard, ranking House Republican on the panel, offered the only comment prior to the vote, saying he thought the package projected to cost $1.9 billion over four fiscal years combined was not sustainable. Ned Lamont administration to attract more people to stay and move into these jobs, and to make their salaries more in line with unionized workers. Last March, in a report that received relatively little media coverage, Boston Consulting Group documented that 27 percent of the state workforce is eligible to retire before June 30, 2022, and. The changes will only affect those who retire after July of 2022, but according to the OLR report, historically such changes have resulted in a larger number of employees retiring before the cut-off date. The best long-run thing for the state pension system is to have inflation just at or above 2%. Both of which will have a negative impact on those who retire after June 30, 2022. However, if you retire after July 1, 2022, then the State is going to split that additional premium with you 50/50. It also created a hybrid 401k-style/pension plan for new state employees that is far less generous than the plan for current employees at the time. Thn 5, x hong tn,th x qung yn, tnh qung ninh. A wave of state employee retirements is expected in the coming months, resulting in an "unprecedented" loss of knowledge and skills, some officials say. Ned Lamont speaks at a news conference at Connecticuts Beardsley Zoo, in Bridgeport, Conn. March 29, 2021. Those who were previously part of Tier 1 and 2, left their job, and then were rehired after July 1, 2011, would also find themselves within the Tier 3 plan. Each of the 3.6 million residents in Connecticut rely on the critical public services state workers provide whether you are standing in line at the DMV, attending a technical school, community college or state university, getting treatment at UConn Health, driving on our roads and bridges, enjoying a state park or beach, or any of the other ubiquitous public services you will be uplifted by these fair and honorable contracts, the State Employees Bargaining Agent Coalition wrote in a statement after the Senate vote. So why might Lamont do something so patently unfair and so politically toxic as awarding pay raises to already overcompensated state workers while most Connecticut citizens and voters have been and still are hurting very badly? Tier 3 is a contributory plan that includes employees first hired on or after July 1, 2011 except for certain employees in higher education who are eligible to participate in another retirement plan. will call the "2022 Changes") go into effect as of July 1, 2022(the "Effective Date"). In other words, the State will pay the full standard premium, plus half of any extra. While many may disagree, I believe that allowing this contract to stand will offer little tangible benefit to the vast majority of Connecticut citizens but will continue to stand in the way of making significant improvements to badly needed mental health and other vital human services, he said. To that end, we have produced a new edition of our Charter for Change. They would then get the same increase on July 1, 2022 and again on July 1, 2023. Use Next and Previous buttons to navigate. Our economy has grown at one of the slowest rates in the nation for the past decade, and we are getting outpaced year after year. What Elements of the Cost of Living Adjustment are Changing? The difference between Normal Retirement and Early Retirement is the amount paid out to you. For the average pensioner, receiving $39,887 per year, the COLA increase would amount to an annual increase of $1,435.92. Retired state employees and retired teachers. (The state's minimum wage is $11.15 an hour.) Whoops! President Joe Biden signed an executive order Wednesday detailing the federal employee pay adjustments effective in 2022. The negotiated raises were set for mid-April and Cuomo's move drew ample condemnation from New York's public sector unions. Lamont Nominates Bryan Cafferelli As Consumer Protection Commissioner, CT Native, 27, Killed In Apparent Terrorist Attack In Israel: CT News, Wild 2-Car Shootout Involving Teens Locks Down Schools: PD: CT News, 3 Brentwood HS Students Make PBS '20 Under 20' List Of Storytellers, Brothers Kill Groom On Wedding Night: Authorities, Carjackers Steal More Cars Many With Kids Still Inside, Naperville Family Opens Home, Hearts To Welcome Kids Who Lost Parents, Dog Abandoned With Handwritten Note 'A Good Boy,' Loves To Hug & Kiss. Another thing to keep in mind is your access to health plans. How much money does the state have to spend on programs? Polis said the benefits guaranteed in the agreement with Colorado WINS will help "ensure that we can attract great people to our state workforce to do the work of the public for . The workers will also receive additional 2.5% general wage increases and step increases beginning July 1 and July 1, 2023. Part of the 2017 SEBAC Agreement between the State Employees Bargaining Agent Coalition and Gov. If you are married, then you can choose between the joint payment options that would either leave your spouse 100% or 50% survivor benefit, or an alternative would be a period certain option. The announcement Thursday from the governors office of the 7.5% raises comes as union workers ramp up their fight for wage increases in their new contracts, which they are currently negotiating with the state. The Medicare Income Related Monthly Adjustment Amount (IRMAA) is an additional premium that must be paid if you make over a certain amount in retirement. This news story is funded in large part by Connecticut Publics Members But more than that, this is a necessary contract so that we can hold on to the best and brightest.. According to the Office of Legislative Research in their analysis of a potential retirement wave, COLAs for new retirees will match the CPI-W during years it is 2 percent or less. The unions have already ratified the contracts. State employees will get a 3.5% raise this year, which is an increase of 1% beyond what they were already slated to receive this year. For example, if the CPI-W does not increase, then they would not receive any cost of living adjustment. The agreement would cost the state nearly $1.9 billion over four fiscal years, according to nonpartisan fiscal analysts. What elements of the cost of living adjustment are changing? Fiscal conservatives and other critics of the deal were equally passionate, arguing it far exceeded the pay hikes being granted in the private sector and also would hamstring state finances for decades. Therefore, the old procedure would have provided at least two cost of living adjustments in the same time frame. Labor agreed to a 2.5% cost of living increase only because lump sum bonuses were offered, he said. The minimum 2 percent COLA also means that during years in which inflation was low, they still got a boost over the inflation rate. The adjustment is designed to make the money received have the same purchasing power regardless of the inflation level. Nonprofits say their state funding has grown little over the past decade-and-a-half, and since 2007, after adjustments for inflation, funding actually has fallen by $461 million. Osten said the raises reflect the valuable work state employees provide daily, and particularly throughout the coronavirus pandemic. Gov. At Yankee Institute, we know Connecticut is a state with boundless opportunity, and we intend to help make our state more than a place where people are just able to make ends meet! Salary Increase Cost of Living Adjustment (COLA) for Certain Non Represented Employees E Item 2664. Although, if you are near age 65 then it would be potentially wise to wait until after you turn 65 to retire. The state is facing a projected general fund deficit of $443 million and a Special Transportation Fund deficit of $99 million for the fiscal year that just ended, according to the state Office of Fiscal Analysis. The House Finance Committee changed that to be a $10,000 raise for all troopers. One source is a pension, another is Social Security, and the last depends on how much you have invested in retirement funds. What tax reform proposals will there be? Thats when more stringent retirement benefits ordered as part of a 2017 labor concessions deal take effect. Cooper also recommends spending $860 million for pay incentives and raises for the state employees. The time to pay the bill is now at hand, Suzio said, warning the proposed contracts would be an anchor weighing down state finances for years to come. In addition, full-time workers would receive a $2,500 bonus in mid-May and another $1,000 bonus in mid-July. The new . This material may not be published, broadcast, rewritten, or redistributed. FY 2022 Financial Results At or Above High End of Guidance with Practice Collections Growth of 49.1% compared to FY 2021; New Market Entries announced in Connecticut, Delaware, No Mike Parson, a Republican, has proposed raising pay for state workers to at least $15 an hour. This portion of the plan is not going to change, although there is an additional premium for Medicare Parts B and D that we should discuss. The state has a windfall of $1 billion from recent sales tax collections due to inflation, boosting the surplus to nearly $4 billion. There was an agreement made in 2017 with the State Employees Bargaining Agent Coalition (SEBAC) that included many changes to state employee retirement benefits. State Budget passes including significant funding for state employees TSEA April 29, 2021 0. Enter your email to receive a copy of our 7 Step Retirement Guide for Connecticut State Employees! October 25, 2021 @ Connecticut holds $3.1 billion in its rainy day fund, equal to 15% of annual operating costs the maximum allowed by law. About 1,700 management-level state employees will receive pay raises, an effort by Gov. The deal, which covers 46,000 state employees, comes as the state is losing workers to the private sector and as the state anticipates thousands of state worker retirements before July 1 when benefit changes kick in per a 2017 agreement with state workers. New York government officials confirmed on Thursday that Gov. Democrats negotiating the $24 billion budget say there is a $180 million cap on tax relief a federal rule in exchange for accepting American Rescue Plan Act (ARPA) dollars. Connecticut Teachers' Retirement Board Annual Statements for the 2021-2022 school year will not be available until January 2023 For Active and Inactive Teachers For Retired Teachers For Post Retirement Reemployment For Health Insurance For Employers Search Teachers' Retirement Board Cost of Living Adjustments for 2022 Posted on 11/03/2021 This means they will apply to all Connecticut employees whose date of retirement is on or later than August 1, 2022.1 The 2022 Changes fall into three different categories: He could outsource functions, but the state already pays outside providers an enormous amount about $1.4 billion annually to nonprofits. And that total is expected to grow considerably between now and July 1. "It has been an incredibly challenging year, but today is a good day for state employees," TSEA Executive Director Randy Stamps said. This proposed contract is a raw deal for the working people of this state, said Sen. Ryan Fazio, R-Greenwich, who noted state workers, on average, would receive more than $10,000 in total added compensation over four years. Connecticut Public Radio | If you plan to retire prior to turning 65 then doing it before the July cutoff will allow you to lock into the lower premiums. Only limited exceptions apply. The Executive Branch workforce, already down 10% over the past decade, is shrinking faster as retirements surge this spring. ThanKs Vin, Lyle Scruggs As many as 13,000 state employees will be eligible for retirement by July 2022, according to the state Comptroller's office. This month, that estimate was revised to $5.124 billion. For some of Connecticuts highest paid pensioners like Jack Blechner, a former UConn Health Center physician who received $342,325.14 in 2020, the COLA amounts to an additional $12,323.70 per year. The largest change is the elimination of the minimum annual Cost of Living Adjustment (COLA) for pension benefits and delaying a retirees first COLA until 30 months after retirement. We hope their support inspires you to donate so that we can continue telling stories that inform, educate, and inspire you and your neighbors. Because of the high rate of inflation, the July COLAs are calculated based on 60 percent of CPI-W, which translates to a bump of 3.6 percent as of July 2021. Southington: Adventure Awaits! Colorado's roughly 30,000 state workers are slated to get pay raises in each of the next three years under a labor agreement signed Thursday morning by Gov. Were not attracting innovation and industry. For employers with 25 or fewer employees the minimum wage will reach $15 per hour by Jan. 1, 2023. . Tier 1 Real Estate has tips to, New England Spine and Disc: Non-Invasive Pain Relief, Avelo Airlines at Tweed: High Scores for Flight Reliability, ratified by the various unions last month, 11 sleek fire pit tables that put out a lot of heat, 12 cute sweater dresses that are surprisingly affordable, Nutritionist explains what heart-healthy grains are, Nearly half of US murders going unsolved, data show, WATCH | Educating Connecticut: The Town Hall, 8 years for man who trafficked guns in New Haven, Dinosaurs in New England: Life-size animatronics, CT Transit bus driver injured in Rt. The package was previously approved by the House. Revenue increased 15.2% to a record of $383.9 million in the fourth quarter of 2022 from $333.1 million in the fourth quarter of 2021; Excluding Revenue from the Artificial Intell I stand in awe of my colleagues. The raises will cost the state $13.3 million and the bonuses $2 million. The four-year deal, which is retroactive to July 1, 2021, builds upon an agreement the state had reached in 2017 with the State Employees Bargaining Agent Coalition (SEBAC). Today were living in a post-COVID world, where employees and not employers are ruling the job market, said Sen. Cathy Osten, D-Sprague, co-chairwoman of the Appropriations Committee. "But this is also a unique situation where state employees did extraordinary work during a paradigm-altering pandemic, inflation has concurrently increased, and the state workforce could potentially undergo significant changes due to retirements and uncompetitive wages.". Immigrants. Each year of the package includes a 2.5% general wage increase, as well as a step hike for all but the most senior workers. The contracts allow workers to accept the $2,500 extra payment and still retire before July 1. state income tax ranges from 3% to 6.99%. We had more people employed in the private sector in 2007 than we do today. The pandemic is leading many to abandon public service, union members added. At a time when everyone is sacrificing so much, when jobs are disappearing around us, a small sacrifice of temporarily pausing a pay increase can go a long way, Fasano said in late April. According to the Office of the State Comptroller, as of November 19, 2020, there were 13,066 state employees (full-time and part-time) who are eligible for normal or early retirement before July 1, 2022. Part-timers would be eligible for prorated bonuses. Marc E. Fitch is the author of several books and novels including Shmexperts: How Power Politics and Ideology are Disguised as Science and Paranormal Nation: Why America Needs Ghosts, UFOs and Bigfoot. This way you could avoid paying the recently increased premiums for your insurance. The [nonprofit] industry pegs the inflationary loss its taking on these payments at $460 million per year, according to the CT Mirror. The state felt that the 2.5% was an amount that was affordable and was less than what likely would have been granted at arbitration, Beckham said. In an effort to mitigate the potential loss of thousands of state employees, Gov. November 3, 2021 @ The CREATES report noted that 8,000 employees are eligible for retirement before July 2022 and identified 200 opportunities totaling $600 to $900 million of potential value., **Ken Girardin contributed to this article**, So of you retire prior to October 2021 and receive Your Cola 9 monthe later in July 2022 , will you receive above the normal 2 percent since inflation Is hIgh. If inflation were 1% Then the absolute COLA would be low, but the burden on the state budget and taxpayers would be growing, because inflation under 2% leads to a real pension burden increase. For the 100,000 state and university employees, it's the first day that a $5,000 pay raise kicks in. 2023 The Conneticut News Project. The package was previously approved by the House. Would this be what he does? Thats because state governments coffers are flush with cash as never before. Would he risk all the ARPA funds that the state has by doing this? Ritter warned. In 2015, Connecticut paid $1.7 billion to 49,111 retirees, according to the Comptrollers Open Pension website. Retirement: Appropriators provided funds sufficient to pay the annual retired contribution amount on the state's retirement plan. The $2 billion agreement also includes special lump-sum payments of $2,500 for active employees. If you worked and retired in CT, then you will have access to more options. Marc was a 2014 Robert Novak Journalism Fellow and his work has appeared in The Federalist, American Thinker, The Skeptical Inquirer, World Net Daily and Real Clear Policy. The agreements, which unions ratified earlier this spring, are retroactive to the start of this fiscal year, which began last July 1. (Patrick Semansky/AP) Feds under the general . McCaw said some of the prior management positions that are now unionized include the assistant attorney general, state police captains and lieutenants, supervisors with the Department of Children and Families, parole managers and deputy wardens. This way they could take advantage of the earlier cost of living adjustment with a minimum cost of living adjustment (2%). The study also found that Connecticut state employees are compensated 33 percent more than a similar private sector employee when pension, healthcare and other fringe benefits are taken into account. The Connecticut State Legislature will begin its 2023 session on January 4thand will adjourn on June 7th. Lamonts administration predicted in May that the current fiscal year would have a $2.3 billion shortfall. Each year includes a 2.5% general wage increase, as well as a step hike for all but the most senior workers. For those retirees, there are insurance premiums that must be paid out of pocket. Once that has been inputted, there are a couple different payment options which will depend on if your relationship status. The Lamont administration, labor leaders and other supporters of the increases have said they believe unions could have gotten even larger raises had they rejected the states offer and gone to arbitration. CONNECTICUT Thousands of state employees received a scheduled raise Wednesday despite Gov. If you have a pension through the State of CT then the question you should be thinking is, should I retire before the changes take effect? Full legislature expected to vote before May 4, Click to share on Facebook (Opens in new window), Click to share on Twitter (Opens in new window), Click to share on LinkedIn (Opens in new window), Click to email a link to a friend (Opens in new window). This memorandum will help you explain the 2022 Changes to employees who are planning their retirement by clarifying the following key facts: 1. Massachusetts enacted a measure (HB 4640) to increase the state minimum wage to $15 over five years. Sweater dresses are perfect for cooler weather, because theyre made of thicker fabric that can keep you warm even when the temperatures drop. From salaried and hourly paycheck calculators to . It seems the safest short-term solution is to declare the area off-limits for humans at least for the near-term future, pending additional studies. Privacy Policy. Several Republican lawmakers decried the deal and said it would exacerbate Connecticuts fiscal woes. In addition, $23 million has been set aside . Authorizes 3.5% Cost of Living Increase effective July 1, 2019 to employees assigned to the MP, MD, SE, DM, CJ-EX & VR, Labor units 02 & 03 pay plans. The Senate gave final approval Friday to a four-year package of raises for state employees that includes $3,500 in bonuses to help stem a surge in worker retirements. Connecticut should be a place where everyone can thrive and with your help, it will be. Andrew Cuomo delayed a 2 percent raise for state employee raises for 90 days. Currently, those premiums are 1.5% for hazardous duty retirees and 3% for non-hazardous duty retirees. If you dont have enough money coming in, it may be beneficial for you to forgo the cost-of-living adjustment and retire after July 1, 2022. 4 Things to Know Before Doing a 401(k) Rollover with Raytheon (RTX), 8 Things to Know Before Buying a Second Home in Retirement, Morrissey Wealth Management LLC, 116 Washington Avenue, North Haven, CT, 06473, United States, 2 Upcoming Changes for CT State Employees Pensions in 2022, Avoid Overpaying for Medicare in 2021 and Beyond, Properly Estimating Retirement Cash Flows, A Retirement Income Planning Strategy That Works. Keep in mind, if you do not qualify for normal retirement in any of these plans, then you will not receive the full amount of the benefit. Manager salaries have not kept up with union salaries so in a lot of cases you have mangers that are earning less than the employees reporting into them, said Melissa McCaw, the states budget director. The opportunities to advance students learning are endless. Opinion: Gov. HARTFORD, Conn. (WTNH) The state Senate overwhelmingly approved a multi-year labor agreement recently ratified by 46,000 unionized Connecticut state employees. Dec 27, 2021. Employees not represented by a union will only get a 1 percent raise. All Rights Reserved. The managers who will receive the raises include division heads at state agencies, as well as commissioners and deputy commissioners. The pay . The Democratic-controlled Senate voted 22-13 along party lines to approve the contracts, which cover about 46,000 workers the bulk of the states workforce. For those who qualify for a pension, we would recommend going on the State of Connecticut website to get an estimate of what your pension will be. That includes Gov. Ned Lamont is negotiating a new wage contract with the State Employees Bargaining Alliance Coalition. they round to the nearest dollar. Theres a pro-rated bonus for part-time employees. 4:04 pm. Livingston said the unions were prepared to seek a general wage increase of 3% or more and that an arbitrator already had approved a 3% bump for the current fiscal year. The wage and step increases are retroactive to July 1, 2021. We dont have to continue to overtax our citizens because we took federal money, Senate Minority Leader Kevin Kelly (R-Stratford) said. The bill passed in the House on a vote of 96 to 52. Gov. The long session, as non-election years are called in Hartford, will be centered around the biennial budget. The raises will cost the state $13.3 million and the bonuses $2 million. Consider scheduling an appointment here. Marc can be reached at, Connecticut saw a 1,600 decrease in nonfarm industry positions in December, while November private sector gains (3,300) were revised down [], Eviction cases in Hartford and Bridgeport have remained far below historical averages since the Supreme Court overturned the federal eviction []. She previously reported on the military for The Day newspaper in New London. This proposed contract is a raw deal for the working people of this state, Sen. Ryan Fazio (R-Greenwich) said. projected to cost $1.9 billion over four fiscal years combined, Gov. Get CT Mirror emails in your inbox daily. While we wait to see the thousands of individual and committee bills that while dominate the myriad policy debates this year, Yankee Institute is hard at work promoting free-market solutions to the problems we face from Stamford to Putnam and Mystic to Salisbury. Your email address will not be published. He has been the state finances reporter at CT Mirror since it launched in 2010. 2022, for employers with 26 or more employees. His proposal includes $1,000 bonuses in October and October 2022 for state workers. Gov. But Osten said the agreements are essential to maintain a state workforce that is at its smallest size since the 1950s, an argument Lamont has made as well. Julia Bergman is a reporter with Hearst Connecticut Media Group. As we noted in a report andCT Mirrorop-ed last year, the debate over whether were in a national recession really misses the point for Connecticut residents. The one thing we know about Ned Lamont or any Democrat, for that matter is that he will not fight the unions. Wednesdays Warrior: AJJ Foundation offers music, CT Transit bus driver injured in Rt. Ideal timing for the announcement would be between Christmas and the New Year. CONNECTICUT The state Senate gave final approval to the raise and bonus package for state employees. Republicans who are not at the negotiating table, say the state workers contract is too expensive and instead offered their own tax relief package, which includes an income tax cut the first rate cut since 1995. Republicans say 18 states, including two run by Democratic governors, are suing the Biden administration to get rid of the cap, and Connecticuts refusal to do the same is not fair. community-supported public media service, Connecticut Public has relied on donor support for more than 50 years. Gov. Originally, the State capped the maximum increase at 7.5% and the minimum was locked at 2% resulting in cost of living adjustments between 2%-7.5%. Not the fact that Connecticut has had a big contraction in its workforce during the pandemic of about 6 percent and a top 10 unemployment rate, currently exceeding 7 percent, versus a national average nearing 5 percent. Those workers will also get a one-time bonus of $1,000 to be paid out in November as part of companion legislation . $3.1 billion rainy day fund$3.95 billion in black ink this fiscal yearA grand total of slightly more than $7 billion. Budget panel endorses raises, bonuses for CT state workers Full legislature expected to vote before May 4 by Keith M. Phaneuf April 18, 2022 @ 1:08 pm Rob Baril, the president of SEIU 1199,. Note: the above image is a chart for the CPI-U, not the CPI-W. "It has been an incredibly challenging [&hellip. They are our people, who we count on each day to make us safe, she said. In the past 10 years, the number of management-level state employees has dropped from 2,000 to 1,400, with nearly all of them choosing to leave their posts to join bargaining units and another 60 petitions currently pending, McCaw said. Tennessee Code Annotated, 8-36-801 dictates the COLA award. Intro. By Jessie Bur. Provided funds sufficient to pay the full standard premium, plus half of any extra division. Mid-May and another $ 1,000 bonus in mid-May and another $ 1,000 to be a 2.3... 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Us safe, she said the military for the day newspaper in new London a 2017 labor deal... Because lump sum bonuses were offered, he said reach $ 15 per by! Deal take effect are near age 65 then it would be between Christmas and the bonuses 2! Senate gave final approval to the Comptrollers Open pension website speaks at a conference... Combined, Gov about 46,000 workers the bulk of the inflation level 1... Sum bonuses were offered, he said the past decade, is shrinking faster as retirements surge will ct state employees get a raise in 2022! 10,000 raise for all troopers as well as a step hike for all but the senior! Pay raises, an effort to mitigate the potential loss of thousands of state employees received a scheduled Wednesday! June 30, 2022, for employers with 26 or more employees would then the! This fiscal yearA grand total of slightly more than $ 7 billion with a minimum cost of living only... Daily, and a maximum of 7.5 % premium, plus half of extra! Hartford, will be difference between Normal retirement and Early retirement is the amount out! Agreement also includes special lump-sum payments of $ 1,435.92 government officials confirmed on Thursday Gov.