A representative of the state Department of the Treasury told the assembled budget committee members that the pension and health reform bill will save the state just $10 million in the first year and will save municipalities just $5 million.
Regina Egea, chief of staff to Treasurer Andrew Sidamon-Eristoff, told the senators the savings would increase over the phase in of the bill.
The budget presented by the governor earlier this year accounted for some $323 million in savings from health care reform. Asked how the state would account for the shortfall of over $300 million, Egea told the senators that would be part of the larger budget discussion.
Egea told the gathered senators that the 30-year savings on pension reform would total $120 billion.