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n e w h a v e n b i z . c o m | M a r c h 2 0 2 3 | n e w h a v e n B I Z 29 SCSU President Bertolino leaving for Stockton University Southern Connecti- cut State University President Joe Ber- tolino announced in March he will be stepping down as the university's 12th presi- dent at the end of the spring 2023 semester. Bertolino has served as SCSU's pres- ident since 2016. Bertolino is leaving to be president of Stockton University in New Jersey, and he will begin his new position July 1. Bertolino said this new position will bring him back to where he grew up and closer to family. An interim president for SCSU will be named shortly, and Bertolino said he would work with that person to ensure a smooth transition. Waterbury chamber names new government affairs, economic development leader e Waterbury Regional Chamber recently named Stephen DelVecchio as its government affairs and economic devel- opment director. DelVecchio will serve as an advocate for the chamber on behalf of its business members. DelVecchio most recently worked for the Connecticut General Assembly for five years as a public af- fairs coordinator. In that role, he assisted state senators with communications and public outreach. In his new position, DelVecchio will provide chamber members with key infor- mation coming out of state government. He will also foster regional partnerships in the areas of economic development, healthcare and manufacturing. Capital for Change names new chief executive Capital for Change recently announced the selection of Diane Smith as its next chief executive officer following a national search. Based in Wall- ingford, Capital for Change is a commu- nity development financial institution, working with individuals, nonprofits, small businesses and public institu- tions. Its programs and products aim to increase access to affordable housing, energy efficiency and job opportunities for underserved communities. Smith began her new role Jan. 9. Smith's career spans more than three de- cades in public service. Her background includes working in the areas of planning and public policy, business recruitment, urban and regional development, pro- gram development and administration, housing development and marketing. Milford law firm hires new associate e Milford-based law firm of Hurwitz, Sagarin, Slossberg & Knuff LLC recently hired Timothy C. Cowan as an associate in its litigation practice. Cowan advises cli- ents in complex com- mercial and civil litigation, including antitrust, construction defect, commer- cial disputes, class action, employment and appellate matters. His practice has included advising clients on high-profile, complex cases for Fortune 500 companies across many industries, including information tech- nology, online gaming, video-streaming and semiconductors. Cowan joined the firm aer complet- ing a clerkship for Judge Gary R. Brown in the U.S. District Court for the Eastern District of New York. SCSU faculty member garners dissertation award Lisa Haylon, an assistant professor of accounting at Southern Connecticut State University, recently was awarded the Institute of Internal Auditors (IIA) Michael J. Barrett Doctoral Dissertation Award. Haylon, a Hamden resident, received the award for her dissertation, "An Investigation of the Tactics Used to Cre- ate Collusive Fraud Teams." She is currently completing her Ph.D. at the University of Scranton. A certified public accountant, Haylon previously worked at Pricewaterhouse- Coopers LLP and served as an adjunct professor at Fairfield University. e IIA is a professional organization for accountants with an international membership of more than 200,000. Shelton realty firm promotes new VP Northeast Pri- vate Client Group in Shelton recently promoted Taylor Perun to the position of vice president, investments. Perun joined the real estate firm's Connecticut office in 2013. His territory includes central and eastern Connecticut and western and central Massachusetts. Northeast Private Client Group specializes in mixed-use retail and mul- tifamily real estate. e firm represents investors, property owners and profes- sional real estate investors. n C - S u i t e Joe Bertolino Diane Smith O t h e r V o i c e s Stephen DelVecchio Lisa Haylon Timothy C. Cowan Taylor Perun By Steve Henn A s a born and bred Connecticut Yankee, I am second to no one in my love for this state. I defy any- one to find a state that offers a bet- ter combination of rural, suburban and urban charm in a package of 4,800 square miles to its residents. If you want something, you can find it here. But that is not to say all is well. Our largest companies are fleeing for more business-friendly states, people are leav- ing for cheaper cost of living states, and, despite an income tax and approximately $200 million per year from Foxwoods and Mohegan Sun, each Connecticut tax- payer owes $56,500 to pay off our state's debt, according to Truth in Accounting. We are consistently ranked at or near the bottom of surveys of fiscal health. Two sides to our story Like many states, we have two sides to our story: the people side and the policy side. Taken together, Connecticut looks OK, ranking 20th in U.S. News & World Report's 2020 ranking of the 50 states. On the "people" side, Connecticut ranks high in quality of life. We are highly educated and have excellent school systems (#6 in the U.S. News rankings). Our access to healthcare is also very good (#3 in U.S. News) and we are in the top five in terms of our physical health. We are a safe state with low crime across the board (#6 in U.S. News). And we are happy. While happiness is subjective, multiple surveys have Connecticut in the Top 10 happiest states with one sur- vey having Connecticut as the second happiest state behind Hawaii. (Perhaps there should be a research trip to ana- lyze this further?) On the policy side, the story gets much worse. Using the U.S. News Ranking as our overall measure, we are near the bottom in terms of economic opportunity and economic growth. We are ranked 30th in fiscal stability, but that masks a rank of 47th in long-term fiscal stability. The looming pension crisis It is no secret that Connecticut, as well as other states, faces a large unfunded pension liability, amounting to 14.8% of our state personal income (Pew Chari- table Trusts), which is over double the national average. While reforms have been suggested and some mild reforms passed by the state, the basic issue of insolvency of the funds has not been addressed. Further, the overall economy has been brutal: 2022 marked the first time ever that both bond and equity returns were negative. Unlike when our IRA declines in value, the loss of invest- ment value in our state pensions falls on the taxpayers. You might be wondering how this can happen. Isn't there a law governing pensions? Well, there is. It is called the Employee Retirement Income Security Act (ERISA). But the federal government exempted itself and the states from com- plying with that law. So, if the politicians were private executives, they would have been frog marched to FCI Danbury years ago. But they are not, so we are le with a criminally negligent pension situation and a $56,500 bill. Each. Growth is about the future Fixing Connecticut's fiscal problem is not complex, but has proven politically impossible. Former Gov. Ella Grasso took tough measures in the mid-1970s to address the state's fiscal crisis and Connecticut enjoyed its best growth ever in the early-1980s. is is not a Democrat or Republican issue – Gover- nors from both parties have been unable to do what Grasso did. Given the current climate, is it any wonder that people are leaving the state? People, especially college grads and young families, make decisions about where to build their lives based on the future, not today. All the happy talk cannot obscure the fiscal problems that are mounting for the state of Connecti- cut. Companies like GE, Pepperidge Farms and LEGO are leaving for other states because of the fiscal and regulato- ry environment. While we have enjoyed some wins, our state needs to address foundational governance challenges to align with the quality of our home state and its people. Check back next time for a detailed look on how to move ahead. n Steve Henn is a professor of finance and economics at Sacred Heart University. Happy talk from Hartford obscures challenges facing Connecticut Steve Henn

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