1 65 Capitol Avenue. 12:47 am. Updated August 17, 2020. Required fields are marked *. By. Marc has a Master of Fine Arts degree from Western Connecticut State University. We need you to tell Governor Lamont to say NO to the TCI! However, since that time the treasury bond yield has fallen, while Connecticut’s assumptions remained largely the same. 3. Your email address will not be published. Hartford, CT 06106 . The Mohegan Tribal Gaming Authority reported a $162 million loss for 2020. Visitors of the Connecticut General Assembly website are encouraged to … Subscribe AC Investment Inc. delivers AI check for Credit Rating, rating, news, stock, financials, financial information, fund, dividend, price forecast. “Investment losses will be recognized gradually over five years, putting upward pressure on employer contribution rates beginning in 2022 and reversing several years of flat to declining contribution rates.”. Texas, Pennsylvania, and Connecticut follow each other with a debt of $51.0 billion, $47.5 billion and $38.8 billion respectively. Economy, finance, and budgets. Summary: Are you a Connecticut resident facing a debt collection lawsuit? The Connecticut State Colleges and Universities system announced Thursday that high school students graduating in 2020 will be able to attend … Lamont restructured the teacher pension fund, stretching out payments until nearly 2050 to avoid annual payments spiking to unsupportable levels, which the Center for Retirement Research at Boston College estimated could grow as high as $6 billion per year depending on market returns. Marc can be reached at Marc@YankeeInstitute.org, Connecticut’s long-term debt grew $8.4 billion between 2019 and 2020 due to increased liabilities for Connecticut’s retirement systems, according to…, Testifying before the Finance, Revenue and Bonding Committee Tuesday, New Haven Mayor Justin Elicker said New Haven’s unfunded pension liabilities…. Attention: Sarah Sanders, Assistant Treasurer for Debt Management. Data extracted on: March 05, 2021 Source: U.S. Bureau of Labor Statistics Note: More data series, including additional geographic areas, are available through the "Databases & Tables" tab at the top of this page. Steven Malanga. © 2020 Yankee Institute for Public Policy. All Rights Reserved. As one of America’s oldest state-based think tanks, Yankee develops and advocates for free market, limited government public policy solutions in Connecticut. OTher states look better on paper bc their teacher pensions aren’t on THEIr state budgets. According to the U.S. Census Bureau, Connecticut had a debt of $35,351,526,000 in fiscal year 2015. “As with higher debt burden states, one key commonality among high pension burden states is that the state directly carries some of all of the unfunded pension liability associated with certain public workers outside of state government,” the report states. A new report from Fitch Ratings placed Connecticut second only to Illinois in the amount of state debt compared to personal income.. Marc was a 2014 Robert Novak Journalism Fellow and his work has appeared in The Federalist, American Thinker, The Skeptical Inquirer, World Net Daily and Real Clear Policy. Lueken recommends separating return assumptions from the discount rate and basing state contributions to the pension fund on a lower, risk-free rate. Feb 05, 2021 at … Retirement debt for state employees, teachers grows $8.4 billion in a single year, $900 million in unfunded pension liabilities driving New Haven budget deficit, State employee managers to be unionized under new agreement, Carol’s Column: A Chance to Transform Kids’ Lives, Finance Committee considers tax credit for education scholarships, Poll results show strong support for education scholarship tax credit program, Sierra Club pulls support for Transportation and Climate Initiative, The Transportation and Climate Initiative’s (TCI) impact on CT drivers, Governor’s economic report shows “Connecticut’s Comeback” might take a while, Top 7 things Yankee Institute remembers about 1991: Countdown to the 30-year anniversary of the state income tax. In the Euro area, debt rose by $1.5 trillion to $53 trillion through September. Yankee Institute for Public Policy Studies is a research and citizen education organization founded in 1984 under section 501(c)(3) of the Internal Revenue Service code. Connecticut has between 0.42 and 1.05 times the cash needed to cover short-term obligations, well below the US average. 3. Debt Service 13.8% . Weiker said imposing an income tax would be like throwing gasoline on a fire. Connecticut includes the following metropolitan areas for which an Economy At A Glance table is available:. You took out loans to keep it afloat. The total state debt owned by the 50 states was $1.15 trillion with a per capita debt … Connecticut decreased the assumed rate of return for its major pension funds from 8 percent to  6.9 percent, which subsequently increased the net pension liability. This is incredibly bad news for our nation and the world since the world looks to the United States for leadership and guidance. Beginning in the fall of 2020, Connecticut high school graduates would be eligible for debt-free community college. Your email address will not be published. APPENDICES ............................................................................................................. 35 . (The Center Square) – The median household debt-to-income ratio in Iowa during the second quarter of 2020 stood at 1.24 to 1.33, which is below the national average of 1.51, the Federal Reserve System reported recently. Marc E. Fitch is the author of several books and novels including Shmexperts: How Power Politics and Ideology are Disguised as Science and Paranormal Nation: Why America Needs Ghosts, UFOs and Bigfoot. Connecticut consistently ranks among the highest nationwide when it comes to average student loan debt, with estimates ranging from $35,494 to … Tennessee is one of the most tax-friendly states in the country and will have no state income tax by 2021. Tennessee has the fifth-lowest debt in the U.S., having $8.04 billion in total liabilities and $46.54 billion in total assets, resulting in a net position of $39.3 billion and a debt ratio of 17.3%. CFPB Reaches Settlement with Debt Collector over Deceptive Practices. Connecticut’s teacher pension debt is officially listed at $16.8 billion, but a new study says that figure might be much higher. The Connecticut General Assembly was faced with projected General Fund deficits totaling $1.08 billion in FY 20 and $1.56 billion in FY 21. Camille Little was a repeat customer, and her presence brought tons of fans. (Devin Leith-Yessian/Berlin Citizen/Record-Journal via AP) 1 of 3. However, according to the governor’s office, after 2024 debt service payments for Connecticut’s past borrowing would begin to outpace revenue. : Connecticut is a Sinkhole State without enough assets to cover its debt. Total revolving consumer debt was $989 billion in September 2020. Heard on Morning Edition. The first part of the number designates the chap- Marc E. Fitch is the author of several books and novels including Shmexperts: How Power Politics and Ideology are Disguised as Science and Paranormal Nation: Why America Needs Ghosts, UFOs and Bigfoot. Benefits 6.4% . By Associated Press , Wire Service Content April 1, 2020 The FY 20 and FY 21 Biennial Budget . Connecticut traffic is down 50 percent and that could spell trouble for the Special Transportation Fund ... after 2024 debt service payments for Connecticut’s past borrowing would begin to outpace revenue. Total U.S. debt is on track to hit $80 trillion in 2020, the IIF report said, up from $71 trillion in 2019. 10:52 am. Section I. Connecticut's finances were shored up in part thanks to federal stimulus and aid. APPENDIX I: MANAGEMENT OF DWSRF PROGRAM February 16, 2021 @ Connecticut has between 0.42 and 1.05 times the cash needed to cover short-term obligations, well below the US average. During the second quarter of 2019, the debt-to-income ratio for Iowa was between 1.09 and 1.24. I remember. According to reports from the Connecticut Office of Fiscal Analysis, Connecticut’s unfunded pension liability for teachers has grown significantly since 2004, despite the state making full annual payments toward to the Teachers Retirement System under a 2008 bond covenant. Marc was a 2014 Robert Novak Journalism Fellow and his work has appeared in The Federalist, American Thinker, The Skeptical Inquirer, World Net Daily and Real Clear Policy. Required fields are marked *. How to Answer a Summons for Debt Collection in Connecticut (2020 Guide) George Simons. The bond came on the eve of a recession, which resulted in negative market returns for the pension fund. A woman uses a laptop as she holds a debit card in this arranged photograph in London, U.K., on Thursday, Sept. 10, 2020. Each section has a two part number. Information from Connecticut 2-1-1: How to Deter Abusive Debt Collection Practices. To enroll in New Start , an Eversource customer must have a debt that … APPENDICES ............................................................................................................. 35 . The majority of the projected budget shortfalls are eliminated as a result of $1.06 billion in revenue changes in FY 20 and $1.46 billion in revenue changes in FY 21 (see . The state credit ratingis the grade given by a credit rati… Illinois is ranked fifth with an outstanding debt of $61.80 billion. Connecticut owes more than it owns. Milliman Consultings’s 100 Public Pension Funding Index found annual returns were just 3.84 percent, according to Fitch Ratings. Office of the Treasurer. A new report from Fitch Ratings placed Connecticut second only to Illinois in the amount of state debt compared to personal income. Connecticut and other states have lowered their assumed rate of return since the 2008 recession. Elissa Nadworny Instagram Twitter Cory Turner Twitter Biden Picks Connecticut Schools Chief Miguel Cardona As Education Secretary. Connecticut faces a $900 million deficit in fiscal year 2022 and pension contributions by the state were projected to rise by $259.7 million before the economic downturn, according to the Office of Fiscal Analysis. The total state debt owned by the 50 states was $1.15 trillion with a per capita debt … Hartford Courant |. Connecticut Median Income Levels; Discharge in Bankruptcy for Connecticut; Connecticut Means Test Calculator; What Happens If I Fail the Means Test for Connecticut? July 4, 2020 @ ... Student loan debt in 2020 is now about $1.56 trillion. The 8 percent discount rate made sense in the early 1990s, when it matched a 10-year treasury bond yield. Lamont lowered the discount rate and assumed rate of return in 2019, and State Treasurer Shawn Wooden enacted risk mitigation for Connecticut’s investments, the market’s downturn in response to the COVID-19 pandemic could see a repeat of 2008. 4. Electronic submissions must be sent to CT-RFP-Debt@ct.gov with the hard copies to being delivered to: State of Connecticut. Economic indicators The Connecticut General Assembly offers the Google Translate™ service for visitor convenience. Connecticut Goes After Attorney for Debt Negotiation Services. Dannel Malloy and Gov. Apr 11, 2020 - Statute of Limitations to Collect Debt in Connecticut. Retired . According to a new study published by Yankee Institute, Connecticut’s discount rate for its teacher pension system is under-stating its unfunded liabilities by using too high of a discount rate. April 21, 2020. Warren has said debt cancellation is the biggest step Biden could take to stimulate the economy without Congress. ... High Student Loan Debt States & Low Student Loan Debt States. Connecticut's finances were shored up in part thanks to federal stimulus and aid. By Amanda Blanco. This ranked Connecticut eighth among the states in debt and second in per capita debt. This factor is far less of a driver of pension liabilities for lower-burden states.”. SAN JOSE, Calif.--(BUSINESS WIRE)--SJW Group (NYSE: SJW), among the largest investor-owned water and wastewater utility companies in the U.S., announced the release of its 2020 … APPENDIX I: MANAGEMENT OF DWSRF PROGRAM HARTFORD — Governor Ned Lamont and Banking Commissioner Jorge Perez, in collaboration with other states, announced today that Connecticut has secured relief options with many private student loan servicers (see list below) whose borrowers are not covered by the CARES Act. Massachusetts is ranked third with a debt of $77.0 billion followed closely by New Jersey with an outstanding debt of $65.90 billion. Connecticut assumes a 6.9 percent rate of return on its pension investments and uses that assumption to determine annual payments into the pension system. Tennessee is one of the most tax-friendly states in the country and will have no state income tax by 2021. Transportation 3.6% . “For most of these states, the net pension liability of local school teachers is carried by the state. The report also noted that pension liabilities tend to grow faster over time than direct debt, with pension liabilities rising .7 percent on a compound annual basis as opposed to .1 percent for direct debt. The higher the assumed rate of return, the more a government can “discount” it’s annual payments into its pension system. Part I. Overview 9 PART I. OVERVIEW . Universal debt cancellation is needed now more than ever. Specifically, lowering the discount rate increases the state’s annual contribution and with Connecticut now facing multi-billion deficits over the next few years due to the COVID-19 recession, the state will already be struggling to make its annual payments. Oklahoma joined the top ten states by contributing more than its annually required contribution, and Colorado and Minnesota lowered their debt to income ratios by reforming cost of living adjustments for retirees. Texas, Pennsylvania, and Connecticut follow each other with a debt of $51.0 billion, $47.5 billion and $38.8 billion respectively. “Connecticut taxpayers concerned with intergenerational equity should consider options to pay down debt today.”, Michael Joseph Lamirande Dan Gropper started Carronade Capital Management in July. Click here. Revenues only cover 92 percent of expenses, with a worsening net position of –$693 per capita. Your email address will not be published. President-elect Joe Biden has chosen the education commissioner for Connecticut and a former public school teacher to serve as education secretary. Ben Bartenstein. May 21, 2020. Otherwise our towns and school districts would be the ones paying/defaulting, out of property taxes, and the result would be uneven, unfair and discriminatory. “Illinois maintained its 50th-ranked position and Connecticut its 49th-ranked position through this period.”. Dannel Malloy and the Teachers Retirement Board in 2016 lowered the assumed rate of return and discount rate from 8.5 percent to 8 percent, and Gov. Burdened with sky-high and still-rising government-pension costs, states have sought creative ways to come up with new revenue. Revenuescome mainly from tax collections, licensing fees, federal aid, and returns on investments. Tom G All Rights Reserved. Although Connecticut’s investment returns for the 2020 fiscal year have not yet been posted, 2019 saw investment returns of 5.88 percent, according to the Office of the State Treasurer. Investment losses will be recognized gradually over five years, putting upward pressure on employer contribution rates beginning in 2022 and reversing several years of flat to declining contribution rates. And Connecticut’s $67.4 billion amounts to $50,700 per taxpayer. The total state debt owned by the 50 states was $1.15 trillion with a per capita debt of $3,582. Connecticut's rainy day fund is the 7th strongest in the country and has $3.1 billion in it. The 2020 State Liability Report looked at direct debt and net pension liabilities as a percentage of personal income and found Connecticut’s debt accounted for roughly 26 percent of personal income compared to the national median of 5 percent. Back in New Haven, folks like Angela Serrano aren’t leaving, though she admits she sometimes thinks about it. Saturday, February 01, 2020. However, even that lower rate may prove difficult in 2020 which saw wild swings in the stock market due to the pandemic. That could be problematic for Connecticut, which has only seen contribution rates increase every year even as the state has re-amortized its pension liabilities to keep contribution rates from spiking to unsupportable levels. Your email address will not be published. Fortress Backs Distressed Debt Fund Launched by Aurelius Alums. T he budget shuffling still leaves the state with a projected $2 billion deficit for the 2019-2020 fiscal year, according to Connecticut’s nonpartisan Office of Fiscal Analysis. Connecticut's rainy day fund is the 7th strongest in the country and has $3.1 billion in it. The re-amortization of the unfunded teacher pension liabilities added more debt onto the total payoff cost, much like refinancing a mortgage, and that means it shifted costs onto future taxpayers in Connecticut. In the long run, Connecticut’s negative net asset ratio of 1.71 points to the use of debt and large unfunded obligations. Comptroller Kevin Lembo says Connecticut is on track to end the current fiscal year with a $170 million deficit. The statute of limitations regulates how long creditors have to sue you for an unpaid debt in a particular state. Table of Contents. Subscribe “Because public employees in Connecticut have very strong protections in place for their pension benefits, the value of benefits are significantly higher than stated,” wrote study author and Director of Policy and Analysis for EdChoice Martin F. Lueken, Ph.D. “Unfunded liabilities may be more than three times what is stated, up to $50 billion.”. Then the lying nabob gets an award from the Kennedy school of government. While remaining low-debt and low-tax, Tennessee has managed to triple its State and local debt of Connecticut increased from 1,118 million US dollars in 1957 to 55,005 million US dollars in 2020 growing at an average annual rate of 27.85%. Revenues only cover 92 percent of expenses, with a worsening net position of –$693 per capita. Take, for example, New Start, a debt forgiveness program operated by Eversource Energy, an electric and gas provider that operates in Connecticut, Massachusetts, and New Hampshire. December 1, 2020. As bad as Connecticuts’ situation has become, a handful of states have far exceeded our irresponsibility including California, New York, and Illinois. Marc has a Master of Fine Arts degree from Western Connecticut State University. In 2017, Connecticut Suns traded Little and basketball fans no longer ate at your restaurant. Mar 4, 2021, 02:42pm EST. If Connecticut fails to meet its rate of return over the next few years it could drive those costs higher. Connecticut lawmakers back sports betting, online gambling to fund debt-free community college. State and local debt of Connecticut increased from 1,118 million US dollars in 1957 to 55,005 million US dollars in 2020 growing at an average annual rate of 27.85%. Tennessee has the fifth-lowest debt in the U.S., having $8.04 billion in total liabilities and $46.54 billion in total assets, resulting in a net position of $39.3 billion and a debt ratio of 17.3%. Connecticut is far from the first state to offer free college programs. Connecticut's Constant Debt Lost is the euphoric conversations about the economic greatness of tolls is Connecticut's $140 billion dollars in short and long term debt along with unfunded liabilities especially pension liabilities. by woorr. We have the best teachers and they will get their pensions. This was attributed to a number of factors, including failure to meet investment returns and actuarial changes. Marc can be reached at Marc@YankeeInstitute.org, Connecticut’s long-term debt grew $8.4 billion between 2019 and 2020 due to increased liabilities for Connecticut’s retirement systems, according to…, Testifying before the Finance, Revenue and Bonding Committee Tuesday, New Haven Mayor Justin Elicker said New Haven’s unfunded pension liabilities…. 8:13 pm. The difference comes from Connecticut’s assumed rate of return on its pension market investments and the state’s discount rate. According to the U.S. Census Bureau, Connecticut had a debt of $35,351,526,000 in fiscal year 2015. By Associated Press , Wire Service Content April 1, 2020 FILE - In this Jan. 28, 2020 file photo, Connecticut State Commissioner of Education Miguel Cardona speaks with Berlin High School students while on a tour of the school. It was a hit! Gee, and here I believed rino weiker and the dems would solve all of connecticut’s deficit and debt problems when an income tax was surreptitiously imposed in 1991. State Sen. Cathy Osten, D-Sprague, said she does not anticipate any change to Connecticut’s revenue agreement with Mohegan Sun, while emphasizing the importance of the venue and Foxwoods to the state economy . Published on December 22, 2020, 9:42 AM EST The Connecticut General Assembly was faced with projected General Fund deficits totaling $1.08 billion in FY 20 and $1.56 billion in FY 21. But it looks like they are back. Robert S Zapp Connecticut was ranked 49th in the country for its debt to personal income ratio, worse off than New Jersey, Hawaii and Arkansas, but little has changed for Connecticut over the last few years. Truth in Accounting's annual Financial State of the States report says Connecticut has $12.1 billion in available assets and $81.9 billion in bills—including bond debt and unfunded state employee pension and retirement benefits. Although Gov. We need you to tell Governor Lamont to say NO to the TCI! Connecticut's Taxpayer Burden™ is -$50,700, and it received an "F" from TIA. August 12, 2019. Connecticut’s long-term debt grew $8.4 billion between 2019 and 2020 due to increased liabilities for Connecticut’s retirement systems, according to… Read More $900 million in unfunded pension liabilities driving New Haven budget deficit Bridgeport-Stamford-Norwalk, CT (Metropolitan NECTA) December 23, 2020 @ HARTFORD — Governor Ned Lamont and Banking Commissioner Jorge Perez, in collaboration with other states, announced today that Connecticut has secured relief options with many private student loan servicers (see list below) whose borrowers are not covered by the CARES Act. Judicial & Corrections 5.9% . However, the experience of pension liability growth among states like Connecticut may be higher than Fitch Ratings’ analysis because the ratings agency used a fixed rate of return for pension liabilities. Comptroller Kevin Lembo says Connecticut is on track to end the current fiscal year with a $170 million deficit. Massachusetts is ranked third with a debt of $77.0 billion followed closely by New Jersey with an outstanding debt of $65.90 billion. “When pension plans incorrectly measure the value of benefits, they place future taxpayers at risk of having to pay for legacy costs because funds are not completely pre-funded,” Lueken wrote. Illinois is ranked fifth with an outstanding debt of $61.80 billion. Total debt has increased since 2019 -- we estimate the average (mean) household debt in 2020 to be around $145,000 and the median to be approximately $67,000 in 2020. EMERGING MARKET DEBT INVESTMENT MANAGEMENT SERVICES January 17, 2020 State of Connecticut Office of the Treasurer Deadline: February 7, 2020 . In no way should it be considered accurate as to the translation of any content herein. Connecticut's governor and treasurer spoke about the state's pension debt on Thursday. In 2020, state and local debt for Connecticut was 55,005 million US dollars. Financial Freedom / Frugal Living. OLR Research Reports - Connecticut Office of Legislative Research: Post-Judgment Exemption Law - 2018-R-0241 Under Connecticut law, what property is exempt from a court judgment for money? As one of America’s oldest state-based think tanks, Yankee develops and advocates for free market, limited government public policy solutions in Connecticut. The amendments were published in the Connecticut Law Journals dated February 11, 2020, July 14, 2020, and August 4, 2020. STATE OF CONNECTICUT OFFICE OF THE TREASURER ... Connecticut and the number of Connecticut residents employed in those offices. Governor Lamont Announces Payment Relief for Student Loan Borrowers. If you realize your debt has piled up and you need to get your life back on track, filing for bankruptcy may be an option you want to consider. Benefits 9.7% . April 21, 2020. Many have filed a Connecticut … © 2020 Yankee Institute for Public Policy. Both Gov. 1:28. Expendituresgenerally include spending on government salaries, infrastructure, education, public pensions, public assistance, corrections, Medicaid, and transportation. Connecticut Legal Aid 62 Washington Street, 4th Floor Middletown, Connecticut 06457 Phone (860) 344-0447 Fax (860) 346-2938 Connecticut Legal Services 1290 Silas Deane Highway, Suite 3A, Wethersfield, Connecticut 06109 Each creditor, whether a large enterprise or small company, must follow Connecticut's fair debt collection practices. Since 2008, teacher pension funding has declined from 70 percent to 52 percent in 2018 and payments have risen from roughly $500 million to $1.2 billion. Connecticut has the highest average student loan debt … “Those pensions with a June 30 measurement date – the vast majority of state plans – will suffer a setback in asset performance, albeit to a lesser degree than initially expected,” the report states. One of the key factors in Connecticut’s net pension debt – besides decades of underfunding — was Connecticut’s unfunded teacher pension liabilities, pegged at roughly $13 billion. Gov. Governor Lamont Announces Payment Relief for Student Loan Borrowers. Active . It’s been a long time since I’ve seen Connecticut go after someone for debt adjusting or debt negotiation services. “The ten states with the highest burdens in fiscal 2019 have occupied the top 10 slots in each of the last four years,” the report says. For all the faithful out there, keep up the prayers to save our country and the world from the financial disaster that looms just ahead. Ned Lamont lowered the rate again in 2019 to 6.9 percent. : Elected officials have created a Taxpayer Burden™, which is each taxpayer's share of state bills after its available assets have been tapped. But this might not be possible as Connecticut faces a Catch-22 with its pension funding. Employee . (WFSB) – Experts say consumer debt hit a record high in 2020. The state debt per capita was $9,862. Click here. Connecticut taxpayers' share of the state's debt jumped 8% last year to $53,400 according to a new report released this week. Connecticut taxpayers' share of the state's debt jumped 8% last year to $53,400 according to a new report released this week. Student Debt in Connecticut Median Student Loan Debt for Young Adults (Jain Family Institute, 2020) Student Debt Creates Decades of Hardship for Millions of American Families Federal student loan debt is a 1.6 trillion-dollar problem affecting millions of Americans. To help reduce pension debt, Connecticut eyes privatizing publicly owned assets. The following terms are used to describe a state's finances: 1. The report by Fitch Ratings said the coronavirus recession will have a “delayed impact” on state pension liabilities. 2. The debt had prompted a “going concern” warning late last year of possible insolvency in the event it could not refinance. This ranked Connecticut eighth among the states in debt and second in per capita debt. Our only salvation seems to be filing bankruptcy to re-configure the pension and liability arrangements. The Mohegan Sun casino resort in eastern Connecticut has yet to resume operations at full capacity during the COVID-19 pandemic. Table 1.1. for further detail). The 2020 State Liability Report looked at direct debt and net pension liabilities as a percentage of personal income and found Connecticut’s debt accounted for roughly 26 percent of personal income compared to the national median of 5 percent. Connecticut Spares 110,000 Covid-19 Telecommuters From Double Taxation For 2020, But What About 2021? Directions for completion of the Legal and Policy Attachments are available on this portal. According to the U.S. Census Bureau, Connecticut had a debt of $35,351,526,000 in fiscal year 2015. , November 10, 2020, 1:36 PM PST. The state debt per capita was $9,862. In the long run, Connecticut’s negative net asset ratio of 1.71 points to the use of debt and large unfunded obligations. This ranked Connecticut eighth among the states in debt and second in per capita debt. Connecticut's long-term liability burden for debt and net pension liabilities adjusted to Fitch's standard 6.0% return assumption is amongst the highest for a U.S. state at 25.9% of 2019 personal income as of Fitch's 2020 State Pension Update report, a burden which Fitch views as elevated. ... but the public backlash to the tolling proposals eventually killed the government’s push for tolls in early 2020. In Connecticut, the statute of limitations for debt collection varies depending on the type of debt.