Nappier says change in state teachers’ pension a mistake

Making teachers pay more toward retirement will end up costing the state in the long run, according to the state treasurer. In a memo written shortly after Connecticut finally passed a budget this fall that requires teachers to contribute 7 percent — up from 6 percent — toward their pensions as of Jan. 1, State Treasurer Denise L. Nappier said the change would add about $20 million to the state’s tab in the long run. “The changes may meet the letter of the law regarding the bond covenant adopted in 2008 to shore up the fund, but they certainly violate the spirit,” Nappier wrote in a memo about the unfunded liability of The Teachers’ Retirement Fund.

from News http://www.ctpost.com/local/article/Nappier-says-change-in-state-teachers-pension-12456095.php