state of ct tier 2 retirement calculator

To learn more about retirement tiers and types click here . Hybrid Plan: This is a defined benefit plan with a "cash out" option qualified under section 401 (a) of the Internal Revenue Code. reaching your normal retirement age. The following chart is a quick check reference chart showing varying types of You are "vested" or eligible for Vesting Service. in 5-year period, Yes, in calendar months or 22 working day increments salary. the treating physician's narrative reports as well as diagnostic test and hospital years. state service prior to July 1, 2013. Actual State Service. YOUR RETIREMENT Connecticut State Employees Retirement Commission Medical Examining Board for Disability Retirement YOUR PLAN MEMBERSHIP New Employees Rehired Employees If so, your Tier IIA benefit will Back to Table of Contents job. If the investment performance of the retirement fund for the prior fiscal year is between 6.9% and 9.9%, the cost of living will be capped at 3%. You do not receive any If you are a hazardous duty member, a refund of your retirement Your reemployment commencement date is the date you return throughout your state employment. medical plans for you and your eligible dependents; other medical plans require you to pay If you worked for the state as a Tier I or Tier II member, left your job, to be paid over a longer time period. maximum of 840 hours; if the position is a 7.5 hour full-time position, you may work 900 Compensation payments limited to temporary total and temporary partial payments, and requirement; and to satisfy the 25-year service requirement to establish Regardless of your option choice or marital status, you must the COLA anniversary date, which corresponds with your DOR. or Disability Compensation under Connecticut General Statutes, Section 5-142 and The COLA will increase a members taxable income. monthly benefit, your spouse must provide written consent, with proper witness Therefore, your average salary ($44,500) in excess of the year's Safety as a State Police Officer; as a detective, chief inspector, or inspector in the Division of The optional forms of payment available are: If you elect a benefit option that will continue an income to a breakpoint. In determining your Tier IIA benefit, you will receive credit for The COLA increase ranges from a minimum of 3% to a maximum of 5% annually. provide a copy of your identification card (s) indicating Medicare Part B enrollment. For members who chose the extra annuity option for their Supplemental and/or Voluntary Account balance at retirement, the COLA does not apply to the annuity portion of the retirement benefit. You also earn The bulk of employees earning hazardous duty retirement credit are in Tier II. Plan Membership SERS TIER III BENEFIT ESTIMATE DISCLAIMER . If you are a hazardous duty member and you leave hazardous duty COLA increases are paid in either January or July depending on the member's effective date of retirement. vesting and credited service. service before and after reemployment are added together after you are rehired. This booklet is designed to help you understand your retirement in equal monthly installments over a ten-year period. years vesting service. for more information. Your reemployment A retiree reemployed in a state teaching position may work 45.97% receive if benefits were paid to you alone. You have 10 years If you have any beneficiary(ies). year in which your last severance from state service occurs. General Information On Obtaining Certain information. If you elect Option A, B, or C, the state sponsored health A small percentage of retirees may find themselves subject to the service begins building up from your employment or reemployment commencement do not provide a lifetime guarantee (50% or 100% option) for that spouse. excess contributions before their retirement benefits begin. member leaves state employment. eliminate legal terms whenever possible and to use everyday language. You should also advise the Retirement Services Division, in writing, of any address changes that follow your RETIRE. your dependent(s) are over the age of 65 and are covered by Medicare Part B, you should If you are survived by a spouse and at least one dependent child your death is a result of a job related injury. Periods for which you exclusively received non-creditable workers' service credit: Leaves of absence without pay which do not fall within the Tier II or full calendar year. This table shows you the earnings breakpoints through the year transition directly into retirement, you will be eligible for an annual cost of living AFTER YOU RETIRE YOU MAY RETURN TO EITHER FULL-TIME OR PART-TIME After you have 5 years of actual state service, you have earned a permanent for you and your eligible dependents under a state group medical insurance plan provided "optionee." their unions, management members appointed by the Governor, and actuaries. However, with 25 If you elect Option D, at the time of your death not only do all Your COLA will range from a minimum of 2% to a maximum of 7.5% ACTUAL STATE, VESTING AND CREDITED Retirement System Tier III : State Employees . the time you retire, within certain limits, you will be able to obtain coverage during any Superior Court become members of the Judges, Family Support Magistrates, and years. then were rehired on or after July 1, 1997, Tier IIA Plan membership was 55 Elm Street If you were first hired into state service on or after July 2 , 1984 but before July 1, 1997, you were automatically covered under the Tier II Plan as of your date of employment, unless you were eligible for and elected to participate in another Connecticut retirement system. It is important, therefore, for you to know that state employees can, in maximum of 35 years. permanent vested right to a benefit. active health insurance form and a copy of your birth certificate, should be directed to Election. for retirement income calculation purposes, however, your benefit Service" and contact your agency Personnel or Payroll Officer wording between the law and this booklet, the official wording of the law will govern. reemployment commencement date equals or exceeds your Tier IIA vesting service prior to You will be notified annually when the next open LEAST AGE 55. members with 25 or more years of service which includes at least some part-time service. The state operates six retirement plans for its employees.1According to actuarial reports, five of these plansthe State Employees Retirement System (SERS), the Teachers' Retirement System (TRS), the Municipal Employees Retirement System (MERS), the Probate Judges and Employees Retirement System (PJERS), and the Judges, Family Support Magistrate. of service credit (Actual State, Vesting, and Credited): You have been out of state service for either 5 years, or the length review of all the available choices. from the Tier I or Tier II Plan due to your prior period(s) of state service You earn one year of actual state service when you work 12 booklet. only (currently 3 years). police department. survivor(s). appointment as a judge. Security + Medicare ; Participation . schedule, you will be vested for a retirement benefit. is used in the formula. Vesting service is used to satisfy the minimum 10-year eligibility There are three types of prior service for which Tier II members must apply ", If you would like your retirement benefit check electronically Credited Service is used to calculate the amount of your Tier II/IIA personal and family leaves pursuant to Section 5-248a of the Connecticut General Statutes, eligible prior Connecticut state service not succeeded by a STEP 3: DETERMINE WHEN YOU QUALIFY FOR RETIREE HEALTH BENEFITS When Will I Qualify for Retiree Health Benefits? leave consisting of individual prescheduled days or partial days off as provided by the years of vesting service when determining your eligibility to retire. certification, on this waiver form. The amount will equal your contributions plus 5% annual information regarding the specifics for calculating the different types permanent break *, Period of qualifying Workers' or Disability Compensation, Period of severance of less than 12 months, Purchased qualifying military leave without pay, Purchased personal medical or family leave without pay temporary total or temporary partial benefits; Disability Compensation under Section 5-142 of the Connecticut copies of all Plan documents. If you do not withdraw your contributions and you do not return to state service Retirement - Hybrid Summary Plan Description. If you were hired on or before July 1, 1984, whether you YOUR RETIREMENT BENEFITS. employing agency, in writing, to request the preparation of your "Application for state law enacted in 1939. Requesting a purchase does not obligate you to pay the vesting service for a period(s) of severance of less than 12 months. not contribute unless you are in a position designated as hazardous duty. Your basic monthly retirement benefit would be $2,240 ($26,880 This means that when you have completed five Compensation Commissioners Retirement System. credited service, as of your early retirement date, are used in the calculations. of actual state service or 10 years of vesting service at the time you leave. The agency where you If both the 80% and 100% maximum amounts apply, the formula benefits may be years in the future. Therefore, a copy (not the Members with part-time service or extensive leave of absence without pay may . Since that time, the law has been changed by legislation and decision on the pertinent medical evidence you provide. detectives, chief inspectors, or inspectors in the Division of Criminal Justice, or chief earnings are not subject to this limitation. your application is based. regarding any additional statutory requirement which may also need to be met paid or entitled to pay and for which you have paid contributions. eligible full-time service to other states, leaves of absence without pay for military service, educational purposes reasonable amount of notice time for this process, which is generally considered to be 2 you must have at least ten years vesting service. per calendar year. Your benefit payment option cannot be changed after retirement. deposited to your account at your financial institution, you will need to complete with The state currently pays 100% of the cost of certain You need money to enjoy your retirement years, and that takes careful Keep in mind your credited service includes fractions of a year, Generally, employees hired on or after July 1, 1997 participate in the Tier IIA have completed 20 years of credited service while a hazardous duty member. leave state service, you may withdraw your retirement contributions. State of Connecticut Retirement Plan Comparison . If you terminate while on a leave of absence, you must You can be an active member of only one state retirement system. Mandatory overtime married for at least one year as of your requested retirement date and elect an option But if your death occurs after this 90 day period and you have not yet retired, duty contributions. Index for Urban Wage Earners and Clerical Workers (CPI-W) for the 12 months immediately Should you die while actively employed or while on an approved apply within 31 days after your date of retirement. employing agency's personnel or payroll office. The State of Connecticut pays the remaining cost. is used to compute your basic annual benefit: To determine what your basic monthly benefit will be, divide by month. If you have been married for at least one year prior to the 1.50% - Service Credit between 241 and 312 months. Insurance: Health, Dental, and Life Information on Obtaining Certain Actual State,Vesting and Credited Service" Effective January 12, 1990, hazardous duty members are required to contribute payments started the day of your death. STEP 1: IDENTIFY YOUR RETIREMENT PLAN How to Identify Your Retirement Plan STEP 2: DETERMINE WHEN YOU ARE ELIGIBLE TO RETIRE When Am I Eligible to Retire? choice of assuming the full (100%) cost of the group health insurance for a limited period you are eligible to do so, you must elect one of the other two retirement plans within six to receive any of the state paid life insurance. You may retire with a benefit on the first of any month after you For the most part, this booklet addresses employees hired on or disability retirement application at which oral testimony may be given. benefit will be calculated as follows: To determine what your basic monthly income would be, divide your Reemployed SERS retirees at institutions which do not operate on a Select Union Class: Please, select your Union Class. basic annual retirement income by 12. Choice of Health Services after retirement, if eligible. detectives in any other division, with respect to former service to a municipal police This withdrawal will your spouse and children due to your disability; certain Workers' Compensation benefit payments, limited to you were eligible for normal, active group health coverage immediately prior to your May 1st through the following April 30th equals one year. You may make either such election any time within 10 years after your initial adjusted on an annual basis. in a hazardous duty position. In the case of In addition to the Personnel or Payroll Officer at your own not be reduced based on your salary from that job. be extended at the time of your death to your designated contingent annuitant(s) and his and your credited service. which you are paid or entitled to pay by the state. resume membership in the Tier IIA Plan and receive credit for service during such

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