General Assembly Proposed Bill No. 5702
January Session, 2013 LCO No. 1493
Referred to Committee on LABOR AND PUBLIC EMPLOYEES
Introduced by:
REP. CAFERO, 142nd Dist. REP. CANDELORA, 86th Dist. REP. KLARIDES, 114th Dist.
General Assembly
Proposed Bill No. 5702
January Session, 2013
LCO No. 1493
Referred to Committee on LABOR AND PUBLIC EMPLOYEES
Introduced by:
REP. CAFERO, 142nd Dist.
REP. CANDELORA, 86th Dist.
REP. KLARIDES, 114th Dist.
AN ACT CONCERNING PENSION CONTRIBUTIONS, COST-OF-LIVING ADJUSTMENTS AND DEFINED BENEFIT CONTRIBUTION PLANS.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
That the general statutes be amended to increase state employee pension contributions, calculate retirement income based on a five-year look back rather than a three-year look back, cap cost-of-living adjustments at lower levels, create a defined contribution plan for new state employees, increase the retirement age for state employees in Tier II and Tier IIA, and eliminate longevity payment amounts and overtime from the pension calculation formula. Such changes shall apply immediately to all state employees and officials exempt from classified service and shall be applicable to employees included in any collective bargaining agreement negotiated after June 30, 2022.
Statement of Purpose:
To reduce the state's financial burden and to create parity between state and private pension plans.