CT HB06466

Requires municipal employees hired on or after July 1, 2016, to participate in a municipal employee defined contribution plan instead of a defined benefit retirement program.

Directs the State Comptroller to establish a contribution schedule for the defined contribution plan.

Establishes a voluntary process allowing municipal employees hired before June 30, 2016, to convert from their existing defined benefit program to the new defined contribution plan.

Intended to provide financial relief to municipalities by shifting retirement obligations from defined benefit to defined contribution structures.