Lamont reaches pension restructuring deal with unions
HARTFORD — Connecticut Gov. Ned Lamont’s administration has reached an agreement with state employee union leaders on a plan to adjust the schedule for paying off pension liability, a move designed to provide budget relief.
It marks the second time in three years the state has restructured its pension payments.
The Democrat on Thursday said this latest deal reached with the State Employees Bargaining Agent Coalition will result in annual savings to the state’s main spending account that will range from $115 million and $121 million, through 2032.
A vote is not needed among rank-and-file union members because there’s no change to contractual benefits. However, the agreement will need approval by the General Assembly.
Lamont notes how this agreement enables the administration to meet the anticipated savings included in the new budget.