Greenwich taxpayers would be on the hook for an additional $30 million per year, if Gov. Dannel P. Malloy’s plan to have municipalities underwrite one-third of the teachers’ pension fund was approved by the General Assembly. Currently, the state funds the entire teachers’ plan, but Malloy is recommending a change in the formula, because of the state’s massive debt. Connecticut is facing a $3 billion deficit over the next two years.
Greenwich has already been targeted by the Malloy administration, as it lost more than a $1 million dollars in education funding that it was promised, when the governor reduced the education cost sharing grant in December, because of the current fiscal year’s budget problems.