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BRIEF-Connecticut Governor Malloy says framework prioritizes structural reductions to pension and benefit costs
May 24, 2017 / 1:01 AM / 2 months ago

BRIEF-Connecticut Governor Malloy says framework prioritizes structural reductions to pension and benefit costs

1 Min Read

May 23 (Reuters) -

* Connecticut Governor Malloy: framework reached with state employee unions that will create significant structural reforms

* Connecticut Governor Malloy - framework prioritizes structural reductions to pension and benefit costs that will produce over $20 billion in savings

* Connecticut Governor Malloy-framework with leadership of state employee unions will re-open contract currently in effect through June 30, 2022

* Connecticut Governor Malloy-framework projected to save about $710 million in FY 2018 and $850 million in FY 2019, with savings continuing to grow annually

* Connecticut Governor Malloy-framework includes wage,increment freezes in 3 FYS that will permanently reduce cost of projected pensions by more than 10 percent

* Connecticut Governor Malloy - framework includes increasing employee pension contributions by two percent of pay

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