Marc E. Fitch July 31, 2019 The Connecticut Green Bank paid out $148,526 in severance packages for three employees and allowed one of those employees to remain employed until reaching ten years of service and becoming vested in Connecticut’s pension system, according to State Auditors. According to the audit released Wednesday, the three employees – two senior managers and an associate director – were given 26 weeks’ pay when their positions were eliminated and replaced with lower paying jobs. The Connecticut Green Bank is a quasi-public entity that leverages funds obtained through state and regional energy fees, such as the Regional Greenhouse Gas Initiative, to increase the use of solar power in Connecticut. The auditors note these severance packages were approved by the Budget and Operations Committee but were not approved by the board of directors. But one employee was allowed to remain employed until becoming vested for a state pension. “In addition, CGB provided a transition agreement to one of these employees in which it allowed the employee to maintain employment until vesting for retirement benefits,” the auditors wrote. “Furthermore, it appears that the employee’s duties did not change during the transition agreement.” Another four employees were eliminated in response to the 2018 budget sweep of $16.3 million per year from the Green Bank for two years, according to
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