The Board of Selectmen Monday morning voted in favor of authorizing the first selectman to approve and sign documents that will allow the town to offer a defined contribution pension plan to new employees.
Current employees are enrolled in a defined benefit pension plan. While a defined benefit plan is sometimes considered a better deal for employees, town officials say the defined contribution plan will work well for new employees while saving the town money over the long run.
The vote Monday morning allows First Selectman Fillmore McPherson to enter into an agreement with Madison Capital Group of Madison, CT, The Pension Service, and Nationwide Insurance.
McPherson is authorized to approve and sign the documents after review by the town's Board of Finance and legal counsel.
Robert A. Lockery, a partner with Madison Capital Group, attended the meeting and explained the services he and his company would provide to employees. Check out the video to see what he had to say.
Get more local news delivered straight to your inbox. Sign up for free Patch newsletters and alerts.
