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CT HB06931
Bill
Status
2/26/2015
Primary Sponsor
Labor and Public Employees Committee
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AI Summary
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Excludes municipal employees hired on or after October 1, 2015 from the Municipal Employees' Retirement Fund, making them ineligible for defined benefit pension membership.
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Requires the State Retirement Commission to identify defined contribution plans (401(k), 403(b), 457, or IRA plans) by October 1, 2015 for municipalities to offer to new employees and current members.
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Allows municipalities to voluntarily adopt defined contribution plans, with plan provisions determined by the Retirement Commission.
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Protects municipalities from liability for investment decisions made under automatic contribution arrangements if employees receive quarterly investment selection opportunities and annual notices of actual investments.
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Requires the Labor Commissioner to adopt implementing regulations and preserves collective bargaining agreement rights.
Legislative Description
An Act Concerning New Municipal Employees And The Municipal Employees Retirement System.
Last Action
Public Hearing 03/03
2/27/2015