Community Corner
Town No Longer Offering Pensions to New Employees
With the ratification of the fire department union contract, along with two others, the Town of Stratford is now 'out of the pension business,' according to a report in the Stratford Star.
The Stratford Town Council reportedly voted Monday to discontinue offering pension plans to all newly hired municipal employees.
Three months after the , members this week ratified contracts with the , Public Works and Supervisors unions, according to a report in the Stratford Star.
The Public Works and Supervisors unions were already on defined contribution retirement plans, according to the report, however the fire department union still had a town-funded pension plan in place.
Find out what's happening in Stratfordwith free, real-time updates from Patch.
The fire department union will now offer new hires retirement plans similar to what is offered in the private sector, aka 401K plans, according to the report.
Employees who are on existing pension plans will continue to see their pensions funded.
Find out what's happening in Stratfordwith free, real-time updates from Patch.
“Now that an agreement has been reached to end the offering of pensions to future employees we hope that the Town will be fiscally responsible in funding the pension fund, for the remaining members, to ensure that no additional burden is placed on the taxpayers in the future,” Bill Hansen, Fire Department Union IAFF Local 998 President, said in a statement, according to the report.
For more check out the Stratford Star report.
