[JayCT]

So with some people claiming our state is in such dire financial shape, why is there such a strong demand for the State's Bonds? Obviously investors have strong confidence in them. Jay

Transportation bond sale sets record levels | HartfordBusiness.com

[Mr_250]

Originally Posted by JayCT

So with some people claiming our state is in such dire financial shape, why is there such a strong demand for the State's TRANSPORTATION Bonds? Obviously investors have strong confidence in them. Jay

Transportation bond sale sets record levels | HartfordBusiness.com

I added a word that makes the statement correct. Bond buyers have a strong confience in them because they are backed up with tax monies.

Bond buyers are are shying away from Connecticut General Obligations bonds and favoring transportation. Connecticut Tax Bonds Draw Buyers Losing Faith in State Pledges - Bloomberg Business.

Basically bond buyers have more faith in the fact that Connecticut will continue to keep the taxes relativity high over getting it's budget in order.

I do like to see this! Keep selling Nappier!

[GoHuskies]

Originally Posted by Mr_250

This has been discussed on here many times, but now maybe the CT Government will wake up and make CT State Employees share the sacrifice. $1.4b to $2.5b can be saved ANNUAL if they switch state workers from pensions to 401(k) type of savings. CT News Junkie | Study: State Worker Benefits Are 25-46 Percent Above Private Sector in Connecticut

While the average State worker earn a very small percent less than private sector counterparts,their benefits are 26 to 45 percent higher.

I took a look at CTSUNLIGHT.ORG this morning and they now show benefits and salary for the earn.

I'm not an expert on this but isn't it virtually impossible for the state to kill pensions for existing employees?

[RunD1987]

I don't know I think state employees make more than regular employees ha. A lot of the job's with the state that are similar to positions I have worked seem to make $5,000 to $10,000 more a year. Then add in if you work ten year's for the State have all your college loans erased pretty sweet set up.

[Mike 75]

Originally Posted by GoHuskies

I'm not an expert on this but isn't it virtually impossible for the state to kill pensions for existing employees?

You can't take away vested pension benefits outside of bankruptcy. But what they can do is change them going forward to defined contribution plans. Easier said than done (obviously) as the unions would have to agree.

[GoHuskies]

Originally Posted by Mike 75

You can't take away vested pension benefits outside of bankruptcy. But what they can do is change them going forward to defined contribution plans. Easier said than done (obviously) as the unions would have to agree.

Thanks for clarifying and that's what I assumed. It bugs me when Chris Christie or news articles post up figures on how much is being spend on pensions. This isn't going to change anything in the near term since any switch to contribution plans wouldn't have a major financial impact for a couple decades at least.

I mean according to the naysayers CT will be an empty wasteland by then. Everyone will live in cheap southern states which will magically still be cheap despite everyone living there

[BobNJ1960]

Originally Posted by Mike 75

You can't take away vested pension benefits outside of bankruptcy. But what they can do is change them going forward to defined contribution plans. Easier said than done (obviously) as the unions would have to agree.

Easiest way would be to announce planned layoffs in accordance with present contract terms..only eliminating them with an agreement for an amended contract shifting to a 401K.

In same manner, HD not shutting Wisconsin plant down was dependent on "during contract" changes approved by their union.

Hardball 101.

[Mike 75]

Originally Posted by BobNJ1960

Easiest way would be to announce planned layoffs in accordance with present contract terms..only eliminating them with an agreement for an amended contract shifting to a 401K.

In same manner, HD not shutting Wisconsin plant down was dependent on "during contract" changes approved by their union.

Hardball 101.

True, but Malloy agreed to no layoffs for 4 years. That's expiring soon so it will be back on the table. Which may be why it's started creeping back into the discussion.

[hartford_renter]

Originally Posted by GoHuskies

Thanks for clarifying and that's what I assumed. It bugs me when Chris Christie or news articles post up figures on how much is being spend on pensions. This isn't going to change anything in the near term since any switch to contribution plans wouldn't have a major financial impact for a couple decades at least.

I mean according to the naysayers CT will be an empty wasteland by then. Everyone will live in cheap southern states which will magically still be cheap despite everyone living there

CT needs to file for bankruptcy

Default on the debt, the pensions and everything

Otherwise we will go insolvent, because we can never pay back our obligations, our pension plan is only 50% funded. There is no way to ever pay this

[JayCT]

Looks like Colt is committing to staying in West Hartford as it comes out of bankruptcy protection. No word on workers though. Jay

Company Commits To West Hartford