CT SB00935

Effective October 1, 2011, requires state agencies (including the Department of Economic and Community Development, Connecticut Development Authority, and Connecticut Innovations, Incorporated) to prohibit companies from eliminating or reducing retiree retirement benefits as a condition of receiving state financial assistance.

Applies to all forms of financial assistance including loans, grants, guarantees, and tax abatements.

Companies that violate the prohibition must repay the full amount of financial assistance received plus a 5% penalty to the providing agency.

Restriction on retirement benefit cuts applies for the duration of the period during which the company receives state financial assistance.