Southbury Board of Finance Votes To Supplement Pension Plan

Southbury's Board of Finance voted on Oct. 11 to set aside $511,000 as a supplemental contribution for town employees’ pension plan in 2018. In an Oct. 12 story, The Republican-American also reported that the board voted to lower the expected annual return on investment from 7 percent to 6.5 percent. According to chairman John A. Michaels, the money will come from the town’s $2 million budget surplus.

Ninety-three active employees, 29 former employees, who have not yet retired, and 69 retirees are covered by the plan.

The Board of Selectman will vote on the recommendation. If it passes, a town meeting will be scheduled in June 2017. When pension plan earnings fall short of expectations, towns must make up the difference within five years. The town's goal is to fund the pension plan by 90 percent by 2023.

You can read the Republican American story here.

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