Brookfield to Offer New Pension Plan

BROOKFIELD, CT — The town is adopting a hybrid pension plan designed to protect it from market swings and provide better benefits for employees, the News Times is reporting.

The current plan sees an employee receiving 2 percent of his salary each month after retirement, funded completely by the town. Under the new plan, employees will receive the benefits from the town for their first 20 years with the town. After that, they would contribute a minimum of 5 percent, while the town contributes up to 11 percent of their salaries.

The town's Retirement Benefits Advisory Committee developed the new plan over four years.

Employees who started working for the town before July 1, 2017, have the option of being grandfathered into the old plan or signing on for the new hybrid plan.

For more, see the News Times.