The framework was specifically designed with the goal of implementing structural reforms that result in significant cost-savings over the next biennium and continue generating savings in the out years. It is projected to save approximately
Among many other changes, the framework includes:
* Wage and increment freezes in three fiscal years that will permanently reduce the cost of projected pensions by more than 10 percent.
* Increasing employee pension contributions by two percent of pay.
* Redesigning the health insurance plan.
* Increasing the employee share of health care premiums by three percent.
* Increasing the cost of co-pays on prescription drugs and implementation of a standard drug formulary.
* Creating a new Tier IV "hybrid" pension/retirement plan that combines a traditional defined benefit plan with a 401(k)-style defined contribution plan.
* Providing job security protections through
"Public service is a calling, and an honorable one at that,"
"I want to thank
For a full summary of the framework, click here (http://portal.ct.gov/-/media/Office-of-the-Governor/Press-Room/20170523-Framework-for-2017-Revised-SEBAC-Agreement.pdf?la=en).