(a) The Teachers' Retirement Board shall establish a rollover account for each active, inactive and disabled member who submits a formal application of retirement, as defined in section 10-183b. Any such member may make rollover contributions of any pretax assets maintained in an eligible retirement plan to such rollover account at any time within two months prior to such member's retirement date, as designated in such application. The board shall not accept any such rollover contribution after a member's retirement date. For purposes of this section, “eligible retirement plan” means an eligible retirement plan as defined in Section 402(c)(8)(B) of the Internal Revenue Code of 1986, or any subsequent corresponding internal revenue code of the United States, as amended from time to time.
(b) Commencing with retirements effective September 1, 2021, or later, any amount in a retired member's rollover account shall be distributed to such member in the form of an actuarially equivalent annuity for life, using the annuity rates adopted by the board for the selected retirement date and under the terms and conditions of the payment plan option the member selected on his or her formal application of retirement, as defined in section 10-183b. If such member dies prior to the date of his or her retirement, the accumulated rollover funds shall be distributed under the terms and conditions of the payment plan option the member elected on such application.
(c) The board shall adopt policies and procedures regarding the prudent and efficient operation of rollover accounts established pursuant to subsection (a) of this section, which shall include, but need not be limited to, application and payment procedures for such accounts.
(d) The funds in a member's rollover account shall be used only for distributions in accordance with subsection (b) of this section. The funds in such account may not be applied toward the purchase of additional credited service pursuant to section 10-183e. No interest shall be applied to any funds contained in a member's rollover account.
(e) Rollover contributions made in accordance with this section shall not be treated as contributions, as defined in section 10-183b, and the board shall not subject such contributions to the limitations imposed under Section 415(c) of the Internal Revenue Code of 1986, or any subsequent corresponding internal revenue code of the United States, as amended from time to time.
(P.A. 21-186, S. 9.)
History: P.A. 21-186 effective July 1, 2021.
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.