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 also requires the Comptroller to conduct a study on the necessary considerations for municipalities that currently do not provide such pension plans, with a report due to the Labor and Public Employees Committee by January 1, 2026.

The bill introduces new legal language, specifically defining the requirement for municipalities to offer a "defined pension plan" and clarifying the role of the Comptroller in studying the transition for municipalities that do not currently comply. Additionally, it replaces the term "defined benefit plan" with "defined pension plan" for consistency throughout the legislation. The fiscal impact of this bill is significant, as it will incur costs for municipalities that do not currently offer pension plans, with an estimated annual cost of approximately $98.6 million if all eligible officers and firefighters enroll in the Connecticut Municipal Employees Retirement System.