DARLENE PEREZ, Administrator
Established - 1917
Statutory authority – CGS Chapter 167a
Hartford, CT 06106
Average number of full-time employees - 23
Recurring operating expenses - $1,950,266
Appropriation expended for Funding Normal Cost
and Past Service Liabilities and Health Services -
Organizational structure - Administrative Division, Retirement Division, Accounting Division, Information Systems Division.
The mission of the Teachers' Retirement Board is to obtain adequate funding to pay all benefits and to effectively administer the retirement system; to protect and administer the statutory rights and benefits of members of the State Teachers' Retirement System, and to provide pre/post retirement services.
The provisions of the Teachers' Retirement System are contained in Chapter 167a of the Connecticut General Statutes to provide retirement, disability, survivorship and health insurance benefits for Connecticut public school teachers and their beneficiaries. The benefits of the program are funded by employee contributions, state appropriations and investment income. The program is intended to provide financial security at retirement for career Connecticut public school teachers, to replace lost income as a result of disability and to provide benefits to survivors of teachers who die while actively teaching. Members of the system are informed of their rights, benefits and responsibilities to claim benefits by receiving annual statements of benefits, newsletters and topical publications. In addition, individual counseling programs are available, on a limited basis, to assist members in the retirement planning process.
The agency is committed to providing each member with the necessary information to make intelligent and informed decisions regarding disability, retirement, survivor, and health benefits. Each non-retired member receives an Annual Statement of Benefits that provides a complete record of their credited service and earnings history. In addition, the agency publishes a newsletter for both active and retired members, The TRiB, and a variety of topical publications and brochures to assist in dealing with retirement issues. The agency continues to improve and expand its website www.state.ct.us/trb to provide better and timely access to information to members.
Organizational changes were identified and executed to help the agency through the recovery process of losing many staff members to layoffs and the early retirement incentive program. The agency fulfilled its statutory requirement of issuing retirement benefits to all current and newly retired members in a timely manner. The retirement benefits that the agency initiates are based on current salary information, therefore the initial benefits are accurate at time of initiation.
The agency saved thousand of dollars by posting its newsletter on the website rather than mailing it to the home of each member. Additional savings in print, postage and staff costs were realized by posting various forms and bulletins on the web for members to download, print and utilize. The agency has found the website to be an invaluable source of savings as changes to forms and bulletins can be done on an “as needed” basis.
The agency took the opportunity to perform a workflow and workload analysis deemed necessary due to layoffs and an early retirement incentive program which resulted in the loss of many senior staff members with a great number of years of institutional knowledge. There are a growing number of “baby boomers” approaching retirement age who are in need of specific financial retirement information. The goal of the agency is to restore and maintain an adequate workforce to keep up with the growing demands.
Plans continue on the goal of making the agency website interactive. The agency expects to receive a budget for this project within the next two years. This project will allow members to gain access to their account information and initiate changes.
It is the policy of the Teachers’ Retirement Board to assure non-discrimination and affirmative action in all phases of the employment process including recruitment, application, interviewing, selection and testing, appointing, assigning, orientation, training, evaluation, promotion and counseling without regard to race, color, religious creed, sex, age, national origin, ancestry, physical disability, learning disability, marital status, sexual orientation, present or past history of mental disorder, mental retardation, political beliefs or criminal record.
To carry out this policy, the Board has undertaken positive action to overcome the present effects of past discrimination and to achieve, in a meaningful way, the full and fair utilization of women and minorities in the work force. It has developed a program of affirmative action and equal employment opportunity as an immediate and necessary objective that it pledges to aggressively pursue in every phase of its personnel policies. The Board shall continue to provide its services in a fair and impartial manner.
Administration - Personnel
Management of the Teachers’ Retirement System is vested in the Teachers’ Retirement Board. The following persons were members of the Teachers’ Retirement Board on June 30, 2004:
Teacher Members Public Members Ex-Officio
Mrs. Clare H. Barnett Eugene Cimiano Betty Sternberg
Chairperson Hartford, CT Commissioner
Danbury Teacher State Department
Elaine T. Lowengard Of Education
Rosalyn B. Schoonmaker West Hartford, CT
Retired Teacher Deborah Freedman Patricia Wilson-Coker
Bridgeport Simsbury, CT Commissioner
Martin M. Lilienthal of Social Services
Marion S. Jewell Meriden, CT
Darien Augustine M. Masiello
AGENCY STAFF (FUNDED) 26 29
Active 51,791 48,888
Inactive 8,511 8,342
Retired 23,608 22,770
RETIREMENT DURING THE YEAR 1,497 1,532
Regular retirement 896 811
Disability retirement 32 36
Early Retirement 470 551
Proratable 41 88
Deferred retirement 58 46
Average age at retirement 59.32 59.1
Average length of service 31.38 30.8
Average salary base $68,289 $66,516
Average annual retirement allowance $41,436 $39,266
AVERAGE ANNUAL RETIREMENT ALLOWANCES
All retirements $35,372 $34,091
Regular retirement $41,362 $39,732
Disability retirement $24,691 $24,226
Early retirement $31,809 $30,964
Proratable retirement $14,143 $13,598
Deferred retirement $11,003 $10,680
RETIREMENT FUND BALANCE 7/1 $6,915,050,228 $6,844,380,906
RETIREMENT PAYMENTS DURING THE YEAR
Total Retirement Payments $874,593,010 $811,028,527
REFUNDS OF TEACHERS CONTRIBUTIONS $5,571,647 $6,988,264
Total Expenditures for benefits $880,164,657 $818,016,791
RECEIPTS OF THE RETIREMENT FUND 2003-2004 2002-2003
Teacher contributions, including
installment payments $210,417,889 $199,792,994
Teachers’ personal payments $27,509,599 $32,854,864
Investment Income (Treasurer’s Estimate) $491,547,067 $487,012,027
State appropriation for Funding normal
cost and past service liabilities $185,348,144 $179,823,603
Interest late assessments (town deposits) $16,462 $5,488
Interest late assessments (ERIP Plans) $6,371 $0
Early Retirement Payments $1,495,353 $4,651,928
STIF Income $0 $191,285
Transfer to Health Fund ($24,242,639) ($27,993,646)
Total revenue $892,144,994 $876,338,543
Retirement Fund Balance 6/30 $6,915,050,228 $6,902,702,658
HEALTH INSURANCE FUND
BALANCE 7/1 $11,522,793 $10,902,581
Teacher Contributions $32,019,430 $35,530,538
Active and Retired
Investment Income $91,480 $115,107
General Fund Income $12,206,066 $11,367,016
Payments to retirees/school districts ($52,015,360) ($46,392,448)
Health Insurance Fund Balance 6/30 $4,019,010 $11,522,794