CT SB00162

Excludes overtime pay earned after the bill's passage from being counted as "salary" when calculating state employee pension benefits

Aims to end "pension padding" practices where employees use overtime to artificially inflate their pension calculations

Cites Connecticut's second-lowest pension funding ratio nationally and a downgraded bond rating as justification for the change

Notes that the state's SEBAC pension agreement is projected to fall $3 billion short of anticipated savings

References that other states have enacted similar pension reforms and Connecticut is one of few states allowing overtime inclusion in pension calculations