HARTFORD, Conn. — New England’s electric grid operator has agreed to cut nearly $3 million in spending and end a pension plan for new employees in a settlement with officials in five states who said spending was excessive.

In the agreement filed Monday with the Federal Energy Regulatory Commission, ISO-New England also promised to provide spending details to attorneys general and consumer advocates in Connecticut, Maine, Massachusetts, New Hampshire and Rhode Island.

ISO, based in Holyoke, Mass., agreed to explain budget details when necessary and highlight items about increases of more than 5 percent or $500,000, whichever is higher.

ISO said it was pleased to resolve the issue and defended its $165 million budget as “just and reasonable.”

State officials said ISO spending grew too much in the weak economy. The agreement must be approved by a judge.