Westport To Save Big After Union Arbitration Award

WESTPORT, CT — The town is set to save $1.3 million or more annually after a union arbitration award.

Pensions will maximize at 66 instead of 69 percent of the highest salary, new hires won't be eligible for retiree medical insurance and there will be a defined contribution plan instead of defined benefits, according to Westport Now.

Employees will need 25 years of service and be 55-years-old or older to retire with a full pension. The decision affects members of 13 different unions, but doesn't include police, fire or teachers.

Read the full Westport Now story here.