Connecticut Retired Teacher's Healthcare Fund Almost Bankrupt

A group of retired teachers grilled outgoing Majority Leader Denise Merrill and Rep. John Geragosian, chairman of the legislature’s spending committee, Monday over the state’s decision to delay its payment to the Retired Teachers’ Health Insurance Fund.

In order to balance both the 2010 and 2011 budget, the state’s $60.5 million contribution to the fund was delayed for the first time in the fund’s history.
“By 2014 and 2015 it will be bankrupt,” Cathy D’Agostino, co-chairwoman of the Association of Retired Teachers in Connecticut, said. She said the recent teacher retirements and salary reductions, in addition to more retired teachers seeking to participate in the fund, have compounded the problem. The organization represents more than 10,000 retired teachers.

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