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Originally Posted by Jim in CT
Bill and Swimmer, here in CT, I do not know of a town where overtime does not contribute to cops' pensions.
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CT Town Reaches Police Pension Agreement
January 31, 2011 (PLANSPONSOR.com) – The town of Stratford, Connecticut, has hammered out an agreement with its police union to institute a 401(k) for new hires instead of traditional pensions.
A Connecticut Post story said under the new contract, the town will match 401(k) contributions made by future employees up to 6%. The agreement does not change the pension benefits for current employees.
About 60 officers hired between 1996 and July 1, 2010, will receive pensions based strictly on base pay. Officers hired before 1996 -- there are about 39 of them -- will continue to receive pensions calculated from their base pay plus overtime, the news report said.
Several police and fire department retirees now receive more than $100,000 in pension payments each year, including a police captain who retired last spring with an annual pension of $134,000 -- far above his last salary, according to the newspaper.
A $1,200 cap on health insurance obligations has also been erased, making current and future employees responsible for 12% of their insurance premiums. On July 1, 2012, that amount will increase to 13%.
The agreement still has to be ratified by the Town Council.