Naugatuck, CT, has agreed to provide an early retirement program to the police department in exchange for the ability to provide a 401k-type pension plan for new police officers.
The new plan is expected to save Naugatuck upwards of six-figures over the next few decades. According to media reports, officers who normally needed 25 years to retire will be allowed to retire after just 20 years. This means eight officers will be allowed to retire at full pension status.
A full salary analysis of the police department is included in the original article linked to below.
Read the original coverage here, or download related documents below:
- The mayor’s announcement of the police pension changes
- Download the early retirement incentive package
- Download changes to the pension plan
- View actuarial projections of the costs and calculations associated with the pension change
or view the borough’s most recent budget.