City braces for another year of rising pension costs

NORWICH – Nearing the end of the last fiscal quarter, the City of Norwich is bracing for yet another year with its toughest financial obstacle – pension costs – which continue to burden the city and its taxpayers.

Even after the state legislature passed the new Tier VI pension plan earlier this year – which raises the retirement age from 62 to 65 and more importantly, requires a continuous six percent contribution from employees’ salary for the duration of their career – city officials say it will not provide short term relief.

The terms of Tier VI apply only to new hires, explained the city’s Director of Finance Bill Roberts, and benefits will not be felt until city employees begin to turnover, which will take several years. (According to governor’s office, Tier VI will save the state an estimated $93 billion over the course of the next 30 years.)

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© 2018 Snyder Communications/The Evening Sun
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