Connecticut Teachers' Retirement Board

 

Public Act 21-186 AN ACT CONCERNING VARIOUS REVISIONS TO THE TEACHERS' RETIREMENT SYSTEM. 

CGA Summary of 2021 Legislation Changes

https://www.cga.ct.gov/2021/act/Pa/pdf/2021PA-00186-R00SB-01080-PA.PDF

Sec. 1 – Modifying C.G.S 10-183b Definitions.

  • This act modifies the following terms for administrative purposes: (13) Disabled (16), Formal application for Disability.

Sec. 2 – Modifying C.G.S 10-183f Benefit Eligibility.

  • This act clarifies existing language and adds new language to support IRS code changes.

Sec. 3 – Modifying C.G.S 10-183i. Member's voluntary contributions. Limitations.

  • This act specifies that the term “voluntary contributions” are after-tax contributions withheld by the member’s employer from their annual salary.

Sec. 4 – Modifying C.G.S 10-183l. Teachers’ Retirement Board. Valuation of fund.

  • This act amends benefit addresses credited service, retirement age, and IRS code updates.

Sec. 5 – Modifying C.G.S 10-183p. Credit for time served in other state retirement systems.

  • This act provides clarification regarding the purchase of service credit from other retirement systems.

Sec. 6 – Modifying C.G.S 10-183v. Reemployment of teachers.

  • This act clarifies the Post Retirement Reemployment (PRR) process and codifies guidelines used by school districts, retirees and members to participate in the PRR program.

Sec. 7 – Modifying C.G.S 10-183y. Appeal to board for reconsideration.

  • This act clarifies that a member must provide the legal basis for any appeal.

Sec. 8 – Modifying C.G.S 10-183aa. Disability Allowance

  • This act provides guidelines for submitting applications to the board for disability allowances.

Sec. 9 – Creating C.G.S 10-183uu Member’s Separate Rollover Account

  • This act establishes a new tax deferred rollover account for active, inactive and disabled members who submit a formal application of retirement, as defined in section 10-183b of the general statutes, with the intent to annuitize eligible funds.

Public Act 21-178 AN ACT CONCERNING THE INTEREST RATE RELATING TO TEACHERS' RETIREMENT SYSTEM COST-OF-LIVING ALLOWANCES AND RESERVING CERTAIN LOTTERY FUND REVENUE FOR THE CONNECTICUT TEACHERS' RETIREMENT FUND BONDS SPECIAL CAPITAL RESERVE FUND.

https://www.cga.ct.gov/2021/ACT/pa/pdf/2021PA-00178-R00SB-01081-PA.pdf

Sec. 1 – Modifying C.G.S 10-183g Benefit rates. Commencing and ending dates.

  • This act adjusts the Cost of Living Adjustment (COLA) rates for retirees.

Sec. 2 – Modifying C.G.S 4-66k(d) Regional planning incentive account.

  • This act clarifies how revenue may be transferred into accounts related to the Connecticut Teachers' Retirement System.

Public Act 21-2 AN ACT CONCERNING PROVISIONS RELATED TO REVENUE AND OTHER ITEMS TO IMPLEMENT THE STATE BUDGET FOR THE BIENNIUM ENDING JUNE 30, 2023.

https://www.cga.ct.gov/2021/ACT/pa/pdf/2021PA-00002-R00SB-01202SS1-PA.pdf

Sec. 71 – Modifying C.G.S 12-801(6) Definitions. “Lottery Fund”.

  • This act redefines 12-801(6) into a new 12-801(8), ”Lottery and gaming fund”, which specifies funds eligible for transfer to the CTRS Capital Reserve Fund.

Sec. 314 – Modifying C.G.S 10-183g Benefit rates. Commencing and ending dates.

  • This act modifies the eligibility for application of an equation for payout of member accounts to beneficiaries.

Sec. 433 – Modifying C.G.S 12-701(a)(20)(B) Definitions. Regulations.

  • This act modifies the eligibility for CT income tax exemptions applicable on CT Teachers’ Retirement System pensions.