OFFICE OF FISCAL ANALYSIS
Legislative Office Building, Room 5200
Hartford, CT 06106 ↓ (860) 240-0200
AN ACT PROMOTING RETIREMENT SAVINGS.
LCO No.: 4996
File Copy No.: 276
Senate Calendar No.: 216
OFA Fiscal Note
The amendment does not result in a fiscal impact to the state in FY 15 and FY 16 as current pension benefits are governed by a collective bargaining agreement between the state and the State Employee Bargaining Agent Coalition (SEBAC) which is in effect until 2022. New employees hired after July 1, 2011 are governed by the current pension agreement and enrolled in Tier III of the State Employee's Retirement System.
Under current law when an agreement is in conflict with statute, the provisions of the agreement supersede statute (CGS Sec. 5-278(e)). The provisions of the current agreement are in place until a subsequent agreement is negotiated.
The fiscal impact in 2022 will depend on whether or not eliminating overtime from the pension formula is agreed to between the state and SEBAC. Savings to the state will be reflected in the state's annual required contribution (ARC) after 2022.
The preceding Fiscal Impact statement is prepared for the benefit of the members of the General Assembly, solely for the purposes of information, summarization and explanation and does not represent the intent of the General Assembly or either chamber thereof for any purpose. In general, fiscal impacts are based upon a variety of informational sources, including the analyst's professional knowledge. Whenever applicable, agency data is consulted as part of the analysis, however final products do not necessarily reflect an assessment from any specific department.