General Assembly Raised Bill No. 935
January Session, 2011 LCO No. 2430
*02430_______LAB*
Referred to Committee on Labor and Public Employees
Introduced by:
(LAB)
General Assembly
Raised Bill No. 935
January Session, 2011
LCO No. 2430
*02430_______LAB*
Referred to Committee on Labor and Public Employees
Introduced by:
(LAB)
AN ACT CONCERNING ELIMINATION OF STATE FINANCIAL ASSISTANCE FOR COMPANIES THAT REDUCE RETIREMENT BENEFITS.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Section 1. (NEW) (Effective October 1, 2011) On and after October 1, 2011, if the state or any agency of the state, including the Department of Economic and Community Development, the Connecticut Development Authority or Connecticut Innovations, Incorporated, provides financial assistance to any business organization, such providing agency shall require, as a condition to receiving financial assistance, that the business organization not eliminate or reduce, for the period during which the business organization receives such financial assistance, any retirement benefit being provided to retirees as of the date such financial assistance is approved by the providing agency. If a business organization eliminates or reduces any retirement benefit in violation of this section, the full amount of any financial assistance received and a penalty of five per cent of such amount shall be repaid to the providing agency. For purposes of this section, "financial assistance" includes, but is not limited to, all forms of loans, grants, guarantees and tax abatements.
This act shall take effect as follows and shall amend the following sections:
Section 1 October 1, 2011 New section
This act shall take effect as follows and shall amend the following sections:
Section 1
October 1, 2011
New section
Statement of Purpose:
To penalize businesses receiving financial assistance from the state that reduce employee retirement benefits while receiving said financial assistance.
[Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, except that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not underlined.]