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Wednesday, October 03, 2012

RTM Passes Defined Contribution Plan

By James Lomuscio

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Gary Conrad: Westport’s defined contribution plan more conservative than area towns. (CLICK TO ENLARGE) Dave Matlow for WestportNow.com

After more than a year of town discussions on ways to lower Westport’s future pension obligations, the Representative Town Meeting (RTM) tonight approved an amended 401K plan for employees and a new defined contribution retirement plan for nonunion employees hired since Jan. 1.

The amended 401K plan, which has $14 million in assets and aims to get employees contributing the day they are hired, passed unanimously and without much fanfare. Currently including 153 employees, it is retroactively effective as of Monday, Oct. 1.

The defined contribution plan for nonunion employees, however, had the RTM wrangling for more than an hour, with two failed motions to delay voting at the Board of Education’s request, until it eventually passed the plan by a 24 to 4 vote.

The plan, recommended by First Selectman Gordon Joseloff and Finance Director Gary Conrad, requires 3.5 percent contributions and allows for an extra 1.5 percent voluntary contribution, all 5 percent of which will be matched by the town, according to Conrad.

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