CT SB00143

Excludes overtime and longevity payments earned after July 1, 2018, from retirement benefit calculations for state employees.

Caps state employee pensions at $100,000 or the amount earned as of October 1, 2018, whichever is higher, effective October 1, 2018.

Changes pension benefit calculations to a five-year look-back period and increases state employee pension contributions by 4 percent.

Reduces the assumed rate of return for the state employees retirement system to no more than 5 percent and suspends cost of living increases for pensions until projected state budget deficits are eliminated.

Requires employees hired on or after January 1, 2019, to enroll in a 401(k) plan administered by the state instead of the defined benefit pension plan; increases state employee health insurance copays by 25 percent and adds a $2,000 individual/$4,000 family deductible.