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Mallozzi: New Canaan To Halt Excess Pension Pay

The following is a statement from New Canaan First Selectman Rob Mallozzi III with regard to the pension payments for former First Selectman Jeb Walker.

NEW CANAAN, Conn. – On Wednesday, Aug. 15, I asked the New Canaan Finance Department to engage our actuary firm, Hooker and Holcombe Inc., to recalculate Mr. Walker’s pension benefits. On Monday, I further instructed that once we receive the recalculation, the town of New Canaan is to end all payments in excess of the documented vesting requirements outlined in our pension plan and in the documents found in Mr. Walker’s file.

To be clear, Mr. Walker’s “normal” pension payments will continue at that time, but the additional payments he has been receiving above and beyond will cease. On a related matter, the town is addressing, and will continue to address, the mechanism for re­payment of excess benefits in consultation with legal counsel.

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