OFFICE OF FISCAL ANALYSIS

Legislative Office Building, Room 5200

Hartford, CT 06106 (860) 240-0200

http://www.cga.ct.gov/ofa

HB-5591

AN ACT CREATING THE CONNECTICUT RETIREMENT SECURITY PROGRAM.

AMENDMENT

LCO No.: 5700

File Copy No.: 747

House Calendar No.: 227

Senate Calendar No.: 522

OFA Fiscal Note

NO FISCAL IMPACT

The amendment requires that all collective bargaining agreements and arbitration awards cannot take effect or be deemed approved unless approved by the General Assembly. This amendment may cause the delay or rejection of certain collective bargaining contracts. A delay is not anticipated to result in a fiscal impact as those contracts approved would be subject to retroactive payments. A rejection of a collective bargaining contract would mean the particular bargaining unit would continue to work under the terms of the existing contract. The fiscal impact of a rejected contract is indeterminate pending the terms of the new contract.

The amendment also requires that collective bargaining agreements concerning the State Employees Retirement System or concerning health and welfare benefits cannot take effect unless approved by the General Assembly. A rejection of a collective bargaining agreement would mean employees would continue to work under the terms of the existing agreement. The fiscal impact of a rejected agreement is indeterminate pending the terms of the new agreement. The current pension and health agreement is in place until 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.