The bill, Substitute House Bill No. 6953, mandates that by June 30, 2027, all municipalities in Connecticut must provide a defined pension plan for their police officers and firefighters. This can be achieved either through participation in the Connecticut Municipal Employees Retirement System or through another defined pension plan that offers comparable or superior benefits. The bill aims to ensure that all police and fire personnel receive adequate retirement benefits, addressing the needs of approximately 87 municipalities that currently do not offer such plans.

Additionally, the bill requires the Comptroller to conduct a study on the necessary considerations for municipalities that lack a defined pension plan to transition their police officers and firefighters into a compliant pension system. The findings of this study must be reported to the Labor and Public Employees Committee by January 1, 2026. The bill introduces new legal language, specifically defining the requirements for pension plans and the responsibilities of the Comptroller, while also making minor adjustments for consistency in terminology, such as changing "defined benefit plan" to "defined pension plan."