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Redding impacted by changes in state pension system

Redding First Selectman Julia Pemberton says the town is already being impacted by the state’s pension woes, with a recent notification of a change to the Connecticut Municipal Employees Retirement System expected return on assets assumption. The State Retirement Commission is lowering the long-term expected return on assets assumption from 8-percent to 7-percent, which will lead to an immediate increase of 15-to-20 percent in municipal employer contributions.  The change will cost Redding an additional $100,000 in pension contributions in the next fiscal year.   Without changes, the system was considered unsustainable for participating entities.