CT SB00882

Increases municipal employee retirement contributions incrementally from 5% (pre-July 1, 2019) to 8% (July 1, 2024 and thereafter) for portions of pay not deducted under section 7-453, with corresponding increases for deductible portions from 2.25% to 5.25%.

Contribution rate increases occur on July 1 of each year from 2019 through 2024, with the final rate of 8%/5.25% remaining constant for all subsequent years.

Authorizes City of Bridgeport to issue pension deficit funding bonds not exceeding $125 million plus issuance costs to fund the city's Pension Plan A Fund.

Bonds may mature over 25 years from issuance, with first principal payment required no later than 10 years from issuance, and are exempt from certain standard bonding provisions under Connecticut General Statutes sections 7-371 and 7-374c.

Allows municipalities to recover contributions made on behalf of armed forces members not reemployed within six months and permits employees who withdraw contributions to repay them with interest to regain service credit.