Governor Malloy announced last week a sweeping plan to overhaul the state's pension system as well as the desire to reduce the state workforce by 500 employees via attrition. The proposed changes to the pension system would basically split the current system into two parts: those workers that are Tier 1, and those workers that are not, with Tier 1 pensions to be funded separately from all other pension tiers. The Governor's office indicates this would reduce costs, but it is unclear what, if any savings would be realized. Pension benefits are negotiated via SEBAC. SEBAC's position is that such a funding change would require SEBAC approval.
See the full story at the CT Mirror
Posted 11/2/2015