AN ACT CONCERNING THE COMMENCING DATE OF BENEFIT PAYMENTS, OPTIONS OF CERTAIN SURVIVING SPOUSES AND HEALTH BENEFIT PLANS UNDER THE TEACHERS' RETIREMENT SYSTEM.

OFFICE OF FISCAL ANALYSIS

Legislative Office Building, Room 5200

Hartford, CT 06106 ¯ (860) 240-0200

http: //www.cga.ct.gov/ofa

HB-5726

AN ACT CONCERNING THE COMMENCING DATE OF BENEFIT PAYMENTS, OPTIONS OF CERTAIN SURVIVING SPOUSES AND HEALTH BENEFIT PLANS UNDER THE TEACHERS' RETIREMENT SYSTEM.

AMENDMENT

LCO No.: 4540

File Copy No.: 586

House Calendar No.: 390

Agency Affected	Fund-Effect	FY 07 $	FY 08 $
Teachers' Retirement Bd.	Teachers' Retirement Fund - Cost	Indeterminate	Indeterminate

Municipal Impact: None

Explanation

The amendment adds service in VISTA (Volunteers in Service to America) to the existing purchase of service provisions under the Teachers' Retirement System (TRS) . As is the case with the existing purchase provisions, the teacher must pay one-half of the actuarial value of the additional credited service and the state bears the cost of the remaining half. On average, the unfunded liability of the TRS will increase $7, 000 for each year of additional service credit. TRB does not currently collect data on the number of teachers with VISTA service. Therefore, the fiscal impact to TRS and the state's contribution to TRS cannot be determined by the TRS actuary at this time.