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.
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.
“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.
