(a) All funds of the system shall be in the custody of the State Treasurer who shall invest such portions of the same not required for current disbursements in accordance with the statutes governing the investment of savings bank funds or, when deemed prudent, in accordance with the statutes governing the investment of trust funds.
(b) When needed by the system and as authorized by statute, the State Treasurer shall accept and hold general obligation bonds of the state. Such bonds shall have maturities fixed with due regard for the needs of the system and shall bear interest at a rate equal to the average rate of return, to the nearest one-eighth of one per cent, on investments of funds of the system for the two fiscal years preceding the date of issue. Said Treasurer may hold such bonds to maturity or may at any time prior to maturity sell such bonds or a portion thereof, whether in the original form, rate of interest and denominations or in such other form, rate of interest and denominations as said treasurer may approve. The net proceeds from such sales shall be used for the purpose of paying benefits provided for in this chapter.
(c) On order of the board, the State Treasurer shall transfer such amounts in favor of said board as are necessary to pay all benefits provided for in this chapter.
(d) Upon certification by the board, the Comptroller shall draw an order on the Treasurer monthly for such amount as is necessary to pay benefits authorized under this chapter from sums appropriated for that purpose.
(e) Not later than the third Wednesday in July of each year, the State Treasurer shall file with the Insurance Commissioner and with the secretary of the board a sworn statement exhibiting the condition of the funds of the system on the thirtieth day of the preceding June and their financial transactions for the year ending on such date. Such statements shall be in the form prescribed by said board.
(f) The board shall submit to the Governor, as provided in section 4-60, a detailed statement of the membership, retirements, withdrawals, investments, incomes and expenditures of the system. The statement shall be printed by the Secretary of the Office of Policy and Management.
(P.A. 78-208, S. 12, 35; 78-228, S. 6, 8; P.A. 91-52, S. 1, 2.)
History: P.A. 78-228 made technical changes; P.A. 91-52 amended Subsec. (c) to allow the treasurer to transfer amounts through means other than the drawing of checks.
Structure Connecticut General Statutes
Title 10 - Education and Culture
Chapter 167a - Teachers' Retirement System
Section 10-183aa. - Disability allowance.
Section 10-183b. - Definitions.
Section 10-183bb. - Suspension or reduction of retirement income payments during disability.
Section 10-183c. - Teachers' retirement system established. Benefits contractual.
Section 10-183cc. - Payments on behalf of minor or legally incapable payees.
Section 10-183d. - Members of association to become members of system.
Section 10-183dd. - Retirement contributions; quarterly allocations.
Section 10-183e. - Credited service.
Section 10-183ee. - Unclaimed contributions. Procedure for claiming.
Section 10-183f. - Benefit eligibility.
Section 10-183g. - Benefit rates. Commencing and ending dates.
Section 10-183gg. - Part-time service. Determination of benefits.
Section 10-183h. - Death benefits.
Section 10-183hh. - Credit for certain service as a school nurse.
Section 10-183i. - Member's voluntary contributions. Limitations.
Section 10-183ii. - Mailing date for benefit checks. Electronic transmission of benefit payments.
Section 10-183jj. - Retirement incentive plans for teachers.
Section 10-183k. - Termination of service prior to retirement.
Section 10-183kk. - Employer pick up of mandatory contributions commencing July 1, 1991.
Section 10-183l. - Teachers' Retirement Board. Valuation of fund.
Section 10-183m. - Custody of funds.
Section 10-183mm. - Continuation of membership during service as elected official.
Section 10-183n. - Duties of teachers' employers. Transmission of deductions.
Section 10-183o. - Payments to retirement board for persons in armed forces.
Section 10-183oo. - Subsidy for certain members.
Section 10-183pp. - Benefits readjusted for certain members.
Section 10-183q. - Funds not assignable and exempt from attachment. Alternate payee.
Section 10-183rr. - No credit for improperly certified teacher.
Section 10-183s. - Reimbursement of municipalities.
Section 10-183ss. - Electronic direct deposit of pension payments.
Section 10-183t. - Health insurance.
Section 10-183u. - Participation in hospital insurance benefits under Social Security Act.
Section 10-183v. - Reemployment of teachers.
Section 10-183w. - Retirement at age seventy. Exception.
Section 10-183x. - Benefits under prior law preserved.
Section 10-183y. - Appeal to board for reconsideration.
Section 10-183z. - Funding of system on actuarial reserve basis. Use of funds.