OFFICE OF FISCAL ANALYSIS
Legislative Office Building, Room 5200
Hartford, CT 06106 ↓ (860) 240-0200
AN ACT CREATING THE CONNECTICUT RETIREMENT SECURITY PROGRAM.
LCO No.: 5675
File Copy No.: 747
House Calendar No.: 227
Senate Calendar No.: 522
OFA Fiscal Note
State Impact: See Below
Municipal Impact: None
The amendment strikes the underlying bill and its associated fiscal impact. The amendment does not result in a fiscal impact to the state in FY 17 and FY 18 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.
The fiscal impact in 2022 will depend on whether or not a defined contribution plan is implemented for state employees and what the cost or savings to the state is from implementing the new retirement plan.
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.
In addition, Section 5-278 (f) codified provisions of the Pension Agreement first agreed to in 1989, which included the requirement that the state and SEBAC negotiate pension benefits. Therefore the provisions of the amendment would have to collectively bargained in order to align the provisions of the amendment with what is currently collective bargained.
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.