The Appropriations Committee passed a measure Monday that would require the Programs Review and Investigations Committee to conduct a study aimed at curbing retirement “spiking” by state employees.
Spiking refers to the act of boosting one’s retirement benefits. Since pension benefits are calculated in part by averaging income earned during the highest earning three years, this is typically done by taking on additional overtime during the last three years.
Some supporters of the concept said that curbing the practice may not require a study. Sen. Rob Kane, R-Watertown, said that the committee could try to address the issue on its own. He offered an amendment to that end.
It would have adjusted the statute to require retirement income to be calculated by the highest five years of income, rather than the highest three.
Read the rest of the story here: http://www.ctnewsjunkie.com/ctnj.php/archives/entry/appropriations_committee_passes_call_for_study_in_to_pension_spiking/
1 comments:
well we all saw this one coming. I hate to say it but its always a select few bad apples that ruin the bunch. Remember that article about longevity bonuses? they didnt focus on the majority of employees that got $1500 a year, they looked at the Uconn executives getting $24,000.....
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