To the Editor:
Listed below you will see excerpts of the proposed early retirement incentive package for Hamden employees. This proposal will go before the Legislative Council for approval.
Like most everything else, the Legislative Council will do the mayor’s bidding with a minimum of concern for the taxpayer. As you read the highlights, keep a couple things in mind.
First, the town just commissioned a study to determine the solvency of the pension fund. It would seem the town would be better served to wait for the study results before embarking on this plan.
Second, notice the cap on retirement - 80 percent of a town employee’s average annual salary. This fact alone is one of the primary reasons the pension fund is insolvent.
Finally, employees will be incentivized to take the plan with a $10,000 lump sum payment or an additional 2 years of credited service.
Friends, the mayor and his advisors are slowly destroying this town. His employee policies have done nothing but cost this town more money as demonstrated by his recent defeat in the courts.
Democrats and Independents will hopefully recognize the mayor has declared war on the taxpaying public and will not be satisfied until he extracts his pound of flesh.
Read for yourself: (full documnet of town's proposal to the unions is attached to article)
No employee taking advantage of the Retirement Incentive Package may exceed thirty-five (35) years of credited service as stated in the Plan document or exceed 80 percent (80%) of their average annual compensation as stated in the Plan document.
Eligible Employees retired under the Retirement Incentive Package shall be offered the option of (1) a lump sum payment or (2) additional credited service (for pension purposes only) in exchange for accumulated sick days and/or vacation days subject to the limitations and provisions of this section:
a.The employee may elect to receive a lump sum of Ten Thousand Dollars ($10,000.00). This payment, which shall be subject to customary tax withholding, shall be made on or before September 15, 2012. An employee who elects this lump sum option cannot exchange sick and/or vacation days for credited service as outlined in paragraph 6(b)-(f) of this agreement.
b.The employee may elect to exchange thirty-five (35) accumulated sick and/or vacation days for one year of credited service. An employee who elects to use this option can be paid for no more than 50 accrued sick days upon retirement.
c.The employee may elect to exchange seventy (70) accumulated sick and/or vacation days for a total of two years of credited service. An employee who elects to use this option can be paid for no more than 35 accrued sick days upon retirement.
d.The employee may elect to exchange one hundred and five (105) accumulated sick and/or vacation days for a total of three years of credited service. An employee who elects to use this option can be paid for no more than 20 accrued sick days upon retirement.
e.The employee may elect to exchange one hundred and forty (140) accumulated sick and/or vacation days for a total of four years of credited service. An employee who elects to use this option shall receive no accrued sick leave payment upon retirement.
f.The employee may elect to exchange one hundred and sixty-five (165) accumulated sick and/or vacation days for a total of five years of credited service. An employee who elects to use this option shall receive no accrued leave payment upon retirement.
g.Credited pension service received by an employee pursuant to paragraph 6(b)-(f) of this agreement does not count towards Town service for health insurance purposes.
