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.: 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.