Conn. OK'd for federal early retirement funds

September 1, 2010

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HARTFORD, Conn.—The U.S. Department of Health and Human Services says more than 40 Connecticut cities and organizations have been approved for a federal program designed to help insure early retirees.

Gov. M. Jodi Rell says the plan could save state taxpayers as much as $30 million a year.

The federal agency announced Wednesday that the applications of 48 state groups have been accepted for the Early Retiree Reinsurance Program, a $5 billion national plan that will help employers and unions pay benefits for workers who are 55 or older.

Rell says more than 3,850 state employees decided to go into early retirement last year and that the program would pay up to 80 percent of annual claims.

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