Public Act No. 03-232 AN ACT CONCERNING THE REEMPLOYMENT OF RETIRED TEACHERS, THE PURCHASE OF ADDITIONAL CREDITED SERVICE IN THE TEACHERS' RETIREMENT SYSTEM, THE EXCESS EARNINGS ACCOUNT, CREDIT FOR SERVICE WITH CERTAIN BARGAINING ORGANIZATIONS, AND PAYMENT FOR ADDITIONAL CREDITED SERVICE PURCHASED BY BOARDS OF EDUCATION, AND MAKING CHANGES TO THE TEACHERS' RETIREMENT SYSTEM
A retired member may be employed temporarily as a teacher or administrator in the public schools of Connecticut and earn up to forty-five (45%) percent of the maximum salary level, established by the school district, for the position occupied. This limitation is on a school year basis (July 1 to June 30). Once this limitation has been met, the employing school district must notify this office by completing a Post Retirement Reemployment 45% Rule - Employer Form and any retired member who receives salary in excess of such amount (during a school year) is required to reimburse the Teachers’ Retirement Board for the excess salary. Effective July 1, 2003
Upon approval of the Teachers’ Retirement Board, a retired member may be reemployed in a designated subject shortage area and continue to receive pension income for a period of one school year. (With prior approval by the Teachers’ Retirement Board, such reemployment may be extended for an additional school year). The employing school district must submit a Subject Shortage Area Reemployment Form to CTRB prior to the reemployment of the retired member. While reemployed in a designated subject shortage area, such former teacher shall be eligible for the same health insurance benefits provided to active teachers employed by such school system. During this period of reemployment, a health insurance subsidy payment will not be issued nor is the reemployed member eligible to participate in a TRB Health Plan. Effective July 1, 2003
The Excess Earnings Account was renamed to the Cost of Living Adjustment Reserve Account. Effective July 1, 2003
Payment for additional credited service purchased on behalf of a member by a board of education under an Early Retirement Incentive Program (ERIP) may be made in equal annual installment payments, including interest, not exceeding three times the number of years being purchased. Effective July 1, 2003
Service as an Elected Teachers' Representative in a statewide, national or international bargaining organization may be purchased if the full actuarial cost is paid to CTRB. Effective July 1, 2003
Retirement benefits for vested active teachers are contractual in nature. Effective October 1, 2003
Active teacher mandatory health contribution increases from 1% to 1.25% of salary. Effective July 1, 2004
Additional credited service in the Teachers' Retirement System may be purchased prior to the time of retirement. (Actuarial tables and additional information will be developed and published by CTRB in the coming months). Effective October 1, 2004
CTRB Sponsored Health Plan allocation of cost will be shared equally with the retired teacher, State of Connecticut and Health Insurance Premium Account each responsible for one-third of the cost. (Currently, the retired teacher pays 25%, the State of Connecticut pays 25% and the Health Insurance Premium Account pays 50%). Effective July 1, 2005
This act was signed by the Governor on July 9, 2003