Connecticut State Employees
Retirement Commission
At a Glance
PETER R. BLUM, Chairman
NANCY WYMAN, Secretary
Ex Officio
Established – 1939
Statutory authority – CGS Chapters 65, 66, 104, 113, 774, 872, 886,
pension agreement
Hartford,
CT 06106
Average number of
full-time employees - 87
Average number of
part-time employees - One
The operating agency for the Commission is the Retirement
& Benefit Services Division of the Comptroller’s Office – Steven
Weinberger, Director.
The Connecticut State Employees Retirement Commission
administers the State Employees Retirement System; the Alternate Retirement
Program for eligible employees of the Board of Higher Education; the
Connecticut Municipal Employees Retirement Systems A and B; the State’s
Attorneys Retirement System; Public Defenders Retirement System; Special
Statutory Retirement Benefits; the Judges and Compensation Commissioners
Retirement System; and the Connecticut Probate Judges and Employees Retirement
System.
During the year the Commission met and ruled on 5,617
retirement applications and additional matters relating to the administration
of the retirement systems. In addition,
the Medical Examining Board considered 339 disability retirement applications;
of this number 275 were approved.
The statement of operations of this system for the fiscal year
ended June 30, 2003 is as follows:
Employee Contributions $50,953,367.26
Federal and Other Reimbursements $139,668,920.20
Transfers to Higher Education $(44,125,679.00)
State Retirement Contribution Payments –
General Fund $285,694,490.00
State Retirement Contribution Payments –
Transportation Fund $40,214,000.00
Interest and Investment Income $319,466,082.99
Gain on Sale of Investments $10,185,030.78
Disbursements:
Refunds on Termination, or Death $4,311,346.19
Retirement
Allowances Paid $696,803,446.48
Interest Awarded $1,763,952.97
Professional Services $92,251.00
Banking Service Charges $34,974.31
Retirement Commission Services $183,396.51
Loss on Sale of Investments $1,152,865.16
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The State is continuing to fund these retirement benefits
under the funding plan established by the 1971 General Assembly, as modified by
Public Act 83-533 and the 1988-1994 Pension Arbitration Award, and subsequent
collective bargaining agreements with the State Employees Bargaining Agent
Coalition.
Approximately 60,231active and 1,746 inactive (vested)
employees were members as of June 30, 2003.
Subsequent to certification by the Commission on November 20,
2000, based upon the actuary’s recommendation, the General Assembly made the
following appropriation:
General Fund Appropriation $285,694,490.00
Special
Transportation Fund Appropriation $40,214,000.00
Recoveries
from Other Funds $95,543,241.00
Appropriation Request for Fiscal Years
Starting July 1, 2002 $421,451,731.00 *
* certification of
$425,902,474.00 not met
The Retirement Commission, by statute, is the agent for the
State in all matters relating to the Social Security Agreement executed under
Section 218 of the Social Security Act.
In that capacity, the Commission extended Social Security coverage to
additional employees of several political subdivisions of the State.
The Connecticut Municipal Employees Retirement Act provides
for two retirement plans with separate funds for those political subdivisions
which elect to participate. Fund “A”
applies to the benefits established in 1945 as amended to date. There were no municipalities participating
in Fund “A” as of June 30, 2003. Fund
“B” applies to the benefits established in 1947 as amended to date. There were 99 municipalities participating
in Fund “B” as of June 30, 2003.
Active membership was 8,436 with 4,680 retirees and optionees
receiving benefits.
These systems are supported solely by the contributions of the
municipalities and the employees, with no contributions by the State. The rates of contribution by the
municipalities are adjusted periodically in such a way that the assets of the
funds, together with the present value of future contributions for which the
municipalities are obligated, are kept approximately equal to the liabilities
in order to maintain the funding on an actuarial basis.
Public Act 83-383 provides a continuing cost-of-living
adjustment (COLA) for municipal employee retirees, payable commencing each July
first, if retired for disability, otherwise on the first of July following
attainment of age 65 if retired prior to January 1, 2002, at a variable rate,
not to exceed 5 percent, based on the assets and liabilities of the fund,
provided no COLA adjustment is less than 3 percent. Public Act 01-80 provides municipal employee retiring on and
after January 1, 2002 with a COLA on the first July 1 following their retirement
date. The COLA ranges from 2.5 percent
to 6 percent and is based on a formula tied to changes in the consumer price
index. Public Act 01-80 also allows
municipal employees who retired before January 1, 2002, and before they turn
65, to receive a 2.5 percent COLA beginning July 1, 2002; on the first July 1
following such retired employees' 65th birthdays, the COLA reverts
to the 3-5 percent COLA.
The Connecticut Probate Judges and Employees Retirement System
provides income for retired probate court members. As of June 30, 2003 this system had 381 active members, with 216
retirees and 25 widows(ers) receiving benefits.
Under the terms of Sections 51-49, 51-278, 51-287, and 51-288
of the Connecticut General Statutes, the State’s Attorneys Retirement System
provides for income to certain retired state’s attorneys and widows(ers) of
state’s attorneys. As of June 30, 2003
this system had four active members, with 12 retirees and seven widows(ers)
receiving benefits.
Certain statutes provide retirement income for former
governors and widows(ers) of former governors, retired county employees,
retired law librarians and provisions for certain individuals as stipulated in
special acts passed by the General Assembly.
Public Act 81-46, effective October 1, 1982, created the
Judges and Compensation Commissioners Retirement System to provide retirement
income for judges, compensation commissioners and their widows(ers). As of June 30, 2003 this system had 213
active members with 120 retired judges, eight retired compensation commissioners,
one family support magistrate, 81 widows(ers) of judges and one widow of a
family support magistrate receiving benefits.
Public Act 84-421, effective July 1, 1985, created the Public
Defenders Retirement System to provide retirement income for certain retired
public defenders and widows(ers) of public defenders. As of June 30, 2003 this system had one active member with four
retirees and one widow(er) receiving benefits.