Bill Text: CT SB00308 | 2013 | General Assembly | Introduced
Bill Title: An Act Excluding Overtime Pay From The Calculation Of State Employee Pension Benefits.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2013-01-23 - Referred to Joint Committee on Appropriations [SB00308 Detail]
Download: Connecticut-2013-SB00308-Introduced.html
General Assembly |
Proposed Bill No. 308 |
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January Session, 2013 |
LCO No. 2106 | ||||
Referred to Committee on APPROPRIATIONS |
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Introduced by: |
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SEN. MCKINNEY, 28th Dist. |
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AN ACT EXCLUDING OVERTIME PAY FROM THE CALCULATION OF STATE EMPLOYEE PENSION BENEFITS.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
That the general statutes be amended to prohibit any pay for overtime accumulated after passage of this act from being considered "salary" for the purposes of calculating pension benefits for any state employee, because the state's bond rating has been downgraded due to chronic under funding of the state employee pension system, the state has the second lowest pension funding ratio in the nation, the Office of Fiscal Analysis estimates that savings from pension changes under the SEBAC agreement will fall three billion dollars short of the amount anticipated, other states are enacting pension reform and Connecticut is one of the few states that allows overtime pay to be included in pension benefit calculations.
Statement of Purpose:
To end the practice of pension padding and provide that overtime pay cannot be used to increase pension benefits for state employees.