Connecticut”™s application to the Early Retirement Reinsurance Program (ERRP) has been approved by the federal government ”“ meaning Connecticut taxpayers will see a significant savings of as much as $30 million a year.
The $5 billion program helps public and private employers pay benefits to workers between the ages of 55 and 65 who opt for an early retirement.
“Under the 2009 agreement I negotiated with the state employee unions, we saw more than 3,850 state employees take early retirement,” said Gov. M. Jodi Rell, in a prepared statement. “This program will pay up to 80 percent of annual claims between $15,000 and $90,000 ”“ and that could mean a major savings to taxpayers every year through 2013, as long as Congress continues to fund the program.”
