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Daily Five: Best Buy Announces Closings

Five Things To Know For Monday, April 2, 2012

1. Today, there is a chance of showers in the morning, with a high of 51, according to the National Weather Service. Tonight should be clear, with a low around 30, according to the service.

2. , the electronics chain with a location in the Waterford Commons, has announced it will close 50 stores sometime this year, according to the Hartford Courant.

The store has not yet announced what stores it will close, according to the Courant. Best Buy, which has 4,100 stores worldwide, is planning to close larger stores like the one in Waterford, and roll out smaller, “Best Buy Mobile” stores instead, according to the newspaper.

3. At a Retirement Commission meeting last week, Finance Director Rudie Beers handed out an article from the Connecticut Post. The article was how the Town of Stratford changed its retirement policy for police officers, as all new officers will now get 401(k) plans instead of traditional pensions. Additionally, Stratford officers hired after 1996 would now receive their pensions based off their base salary, not their overtime pay.

Right now, Waterford employees receive traditional pensions and have their pension based on their total salaries including overtime, not their base salaries. First Selectman Dan Steward said changing to a 401(k) plan would possibly be better for both the town and the employees.

Steward said he personally benefited from a 401(k) plan instead of a standard pension because he had control to invest it in what he wanted. He also pointed out that if somebody dies, a 401(k) plan will go to his or her children, while if somebody dies or a husband and wife die in a pension plan it goes away.

“It is something we can look at,” Steward said.

Steward also endorsed basing pension plans off of base pay and not include overtime pay, referencing a letter

4. All five Waterford public schools will have early dismissal this week, starting Tuesday and ending Friday, because of parent-teacher conferences. Then next week is spring break for all Waterford public schools.

5. On this date in 1992, New York Mafia boss John Gotti wass convicted of a variety of charges and was sentenced to life in prison. And on this date in 1973, LexisNexis was launched.

Quote of the Day

“The press is the enemy.”

-Richard Nixon

Trivia of the Day

Where is the annual Fourth of July hot dog eating contest held?

Friday’s Answer: Juan Ponce de Leon discovered Florida. Leon was searching for the Fountain of Youth.

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