Connecticut Gov. Ned Lamont signed a law reforming state municipal pensions at a ceremony in Shelton on Monday.
The Connecticut Municipal Employee Retirement System (MERS) is the state-run pension plan for police officers, firefighters, Board of Education and public works employees.
The reforms to the pension system would save the 106 participating cities and towns about $740 million over the next 30 years.
“It's also going to save Shelton hundreds of thousands of dollars (a year). And you can use that to cut taxes,” Lamont said. “I'd like to see more of that as I look around our municipalities. Or increase funding for education.”
“It gives you more flexibility to do the right thing. And give the taxpayers some confidence that we are getting our act together,” he added.
Lamont commended labor and management, as well as Republican and Democratic state lawmakers, for working with State Comptroller Sean Scanlon to come up with the reforms.
“I love what we are doing because pensions are a promise that we make to our employees at the state level and at the municipal level. And sometimes people put off implementation of those promises. This is a promise made and promises kept,” Lamont said.
