After former First Selectman following the Board of Finance and Town Council votes on the number of years required for vestment, First Selectman Robert Mallozzi released a statement this week on the issue.
According to New Canaan News, Mallozzi stated that actuary firm Hooker and Holcombe, Inc. would be asked to recalculate Walker’s benefits and the town may seek to collect excess benefits given to Walker. Mallozzi stated that Walker would continue to receive "normal" pension payments, but "additional payments he has been receiving above and beyond will cease."
The Board of Selectmen voted at their August 7 meeting in favor of Mallozzi seeking out a third party to clarify the processes behind the pension fund. This came after a retroactive amendment to the town’s retirement plan that effectively changed the vestment period from five to four years, thus affecting payments made to Sally Hines and Jeb Walker.
