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Connecticut among worst states for funding retiree benefits
FCBJ TODAY A return to the most elegant economic development in American history – the New England town green … 2 St. Vincent’s debuts new M.D. business model … 3 Gold coastal property: onetime UST HQ in Greenwich reportedly in new hands … 5
Vol 48, No. 30 • July 23, 2012
BY JENNIFER BISSELL
jbissell@westfairinc.com
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onnecticut was among the four worst states in 2010 for funding its employees’ retirement benefits, according to a recent study by the Pew Center on the States. The gap between what states promised to pay and what they had actually set aside was
at least $1.38 trillion in 2010. In Connecticut, the state government was short $48 billion. “It’s been a fiscal challenge for states for a number of years,” said David Draine, a Pew senior researcher. “It’s been a decade in the making as policymakers kicked the can down the road.” Since 2010, however, many changes have been made to Connecticut’s funding plans. A few years from now, things may look different.
Bob Rozycki
In the field: College attainment drops among Connecticut. young adults … 8 Business plan is Sweet and Simple … 12
Connecticut, page 6
Waiting game Victims await payout from BP spill BY JENNIFER BISSELL
The List: Home health care agencies … 14
jbissell@westfairinc.com
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Rx Connecticut: ACO mission accomplished for PriMed … 16
“It still has a little bit of a ‘smells like cumin’ connotation to it,” the co-owner of Green & Tonic said. Alongside his spouse and co-founder Cai, Pandolfino hopes to establish their new health food eatery nationally on the expectation the
obert Murray, a Newtown resident for 33 years, was a marketing and sales executive for a shrimp business in Louisiana when the Deepwater Horizon drilling rig exploded in the Gulf of Mexico, resulting in the biggest oil spill in the history of the petroleum industry and killing 11 workers. The catastrophe has blown his life apart as well. “My life has been turned upside down as a result of the BP spill,” Murray said. “I’ve been out of work for almost a year and a half. It’s been very stressful.” The effects of the spill have been far-reaching. More than two years later, Connecticut residents and attorneys are still involved in what is one of the largest legal battles ever. The Deepwater Horizon settlement in March dictated that all businesses and individuals who lost income were entitled to collect for economic and physical losses. Eight billion dollars has been set aside for claims. But the case is ongoing, and there is no cap
Startup, page 6
Waiting, page 6
Also … “Then we were told not to come. There was no money.”...4
Startup, but with big plans MEDIA PARTNER
In May, Gov. Dannel P. Malloy announced that the state had reduced its total liability for retiree health care benefits by roughly 40 percent, and in February the state enacted several significant changes to its pension plans, both ways to help close the funding gap. Under his plan, pensions will be fully funded by 2032. “It’s a solvable problem,” Draine said. “There are solutions (states) can pursue. But if they wait, it will become an unmanageable
BY ALEXANDER SOULE
casoule@westfairinc.com In describing his new quick-service eatery focused on energy-boosting, nutritional fare, Jeff Pandolfino says he favors the phrase “plantbased diet” at the expense of the word “vegan.”
Need an addition for your caregiver? • 15