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Simsbury selectmen approve clarifying amendment to retirement plan; actuary finds change cost-neutral
Summary
On Oct. 15, 2025, the Simsbury Board of Selectmen approved a clarifying amendment to the town's retirement income plan that specifies benefits for terminated vested employees who defer the start of retirement payments; the town actuary Milliman concluded the change is actuarially cost-neutral.
The Simsbury Board of Selectmen on Oct. 15, 2025 approved a clarifying amendment to the town’s Retirement Income Plan to specify that a terminated vested participant who defers the commencement of benefits will receive the actuarial equivalent of the vested accrued benefit and that a commencement date cannot be later than the participant’s required beginning date.
Town Manager Mark Scully explained that two former employees who deferred retirement had highlighted an ambiguity in…
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