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Brookfield moves to hybrid pension plan

Brookfield has moved to a hybrid pension plan and the Retirement Benefit Advisory Committee, after a review of possible providers, has made a recommendation to the Board of Selectmen to appoint Mass Mutual as pension and 401A provider, reappoint Hooker and Holcomb as actuary and as investment advisor for the OPEB plan, and appoint Charles Schwab as custodian for the OPEB plan. Employees who get 20 years defined benefit will then go into defined contribution plan.  This change won't initially save Brookfield money, but it is going to cut the risk in the future because it limits the size of the overall pension plan.  First Selectman Steve Dunn says this will also allow employees to have a pot of money when they retire, to do with what they want.

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Todd Schnitt

Local Headlines