OLR Research Report


April 18, 2002

 

2002-R-0452

STATE TEACHER RETIREMENT PLAN

 

By: Judith Lohman, Chief Analyst

Table 1: Connecticut Teachers' Retirement System

Members

Public school employees who (1) hold positions requiring a teaching certificate, (2) hold the appropriate certification for the position, and (3) are employed at least half-time.

Plan Type

Defined Benefit

Social Security Coverage

No

Vesting Period

10 years

Employee Contribution

7%

State Normal Cost Contribution (excluding unfunded liability)

3. 8% of member payroll

Choice of Investment Options

No

Types of Retirement

Normal, early, and proratable

Table 1 continued

Table 1: Connecticut Teachers' Retirement System

Retirement Qualifications

(Age/Years of Service)

Normal: 60/20; Any/35

Early: 55/20; Any/25

Proratable: 60/10

Early retirement reduction

Less than 30 years' service: 12% per year based on number of years away from normal retirement.

30 years' service or more: 6% for each year away from normal retirement.

Final Average Salary (FAS)

3 highest-paid years

Cost of Living Adjustment

Yes

Years

of Service

Current

Law

%

of Salary

sHB 5769

(File 513)

%

of Salary

30

$ 30,600

51

$ 33,840

56

31

32,736

55

36,084

60

32

34,944

58

38,400

64

33

37,224

62

39,600

66

34

39,576

66

40,800

68

35

42,000

70

42,000

70