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Bill Would Study “Pension Spiking”

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retirement

HARTFORD, Conn. (AP) _ A legislative committee has forwarded a bill requiring a study of “pension spiking” among Connecticut state employees attempting to boost their retirement checks by accumulating overtime pay.

On a 43-4 vote, the Appropriations Committee on Monday approved legislation requiring the Program Review and Investigations Committee to study the current limit on the number of highest income years considered when calculating someone’s state pension.

Republican Sen. Robert Kane said retirement income is now based on a worker’s three highest paid years of state service. He tried to change that to five, but his amendment failed on Monday. Kane questioned why lawmakers should wait for a study.

Democratic Rep. Toni Walker, the committee co-chairwoman, said lawmakers shouldn’t rush into making changes. She said a study is needed to avoid unintended consequences.

(Copyright 2011 by The Associated Press.  All Rights Reserved.)

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