Politics & Government
Council Votes To Up Town Employee Pension Contributions
Contributions would increase by 1 percent.
The Town Council voted Monday night to increase full-time unaffiliated employees' pension contributions by 1 percent. The increase was originally suggested during the preparation of the budget for fiscal year 2011-12.
Pursuant to the amendment to the Town Retirement Plan, pension contributions would be increased from 2.25 percent to 3.25 percent, and would be taken out before taxes.
Town documents state that the town and Board of Education are collectively responsible for contributing $1.3 million to the Annual Required Contribution over the next fiscal year ($700,000 from the town, and $685,000 from the Board of Education).
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According to Town Manager Peter Souza, the increased contributions from town employees would save the town about $45,000 over the next year.
While the Town Council voted to pass that amendment, a vote by the Board of Education is still needed for the changes to be adopted, Souza said.
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If passed by the Board of Education, the amendment would be effective come July 1.
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