(a) Not later than fourteen business days after the last action necessary to make effective a state budget act for the biennium ending June 30, 2021, subject to the approval of the Teachers' Retirement Board, the credited interest percentage for member accounts, except voluntary accounts containing only those contributions made pursuant to section 10-183i shall be not more than four per cent per annum and the return assumption shall be six and nine-tenths per cent per annum. Notwithstanding the provisions of sections 10-183vv, 12-801, 12-806 and 12-812, if the board fails to revise such percentage and adopt such return assumption: (1) No moneys shall be deposited in the Connecticut Teachers' Retirement Fund Bonds Special Capital Reserve Fund, established in section 10-183vv; (2) the Treasurer's duties and obligations under section 10-183vv shall terminate; and (3) the pledges made in section 10-183vv shall not be in effect.
(b) If the board revises such percentage and adopts such return assumption in accordance with subsection (a) of this section, the board shall, on or before July 1, 2019, and notwithstanding the provisions of subsection (a) of section 10-183z: (1) Request a revised actuarial valuation for the fiscal years ending June 30, 2020, and June 30, 2021, based on changes to the benefit program, amortization period and the systematic program of annual payments applied to determine the amortization of unfunded liabilities of the Connecticut teachers' retirement system as provided in subdivision (2) of section 10-183b and section 10-183z; and (2) certify to the General Assembly for such fiscal years the amount necessary, based on such revised actuarial valuation, to maintain the Teachers' Retirement Fund on an actuarial reserve basis.
(P.A. 19-117, S. 89; P.A. 22-118, S. 189.)
History: P.A. 19-117 effective June 26, 2019; P.A. 22-118 amended Subsec. (a) to add provision re exception for voluntary accounts containing only contributions made pursuant to Sec. 10-183i, effective July 1, 2022.
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.