Teachers’ Retirement Board

 

 

 

 

At a Glance

 

DARLENE PEREZ, Administrator

Leanne Appleton, Assistant Administrator

Established - 1917

Statutory authority - Chapter 167a CGS

Central office - 765 Asylum Avenue,

Hartford, CT  06105

Average number of full-time employees – 29

Recurring operating expenditures 2008-2009 - $2,326,288

State Appropriation Fiscal Year 2008-2009 - $566,887,632

Organizational structure

Administrative Division

Benefit Services Division

Accounting Division

Information Systems Division

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, 2009:

 

TEACHER MEMBERS

Clare H. Barnett Chairperson

Danbury Teacher

 

Rosalyn B. Schoonmaker

Vice-Chairperson

Retired Teacher

Bridgeport

 

Marion S. Jewell

Retired Teacher

Darien

 

William T. Murray

Danbury Teacher

 

Mary Nicholas

Vernon Teacher

 

PUBLIC MEMBERS

Eugene Cimiano

Hartford, CT

 

Jonathan Johnson

Farmington, CT

 

Eric R. Judge

Windsor, CT

 

Dr. Thomas I. Knox, Jr. M.D

West Hartford, CT

 

Elaine T. Lowengard

West Hartford, CT

 

EX-OFFICIO MEMBERS

Honorable

Mark K. McQuillan

Commissioner

State Department

of Education

 

Honorable

Michael P. Starkowski

Commissioner

State Department

of Social Services

 

 

Affirmative Action

     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.         

 

Agency Mission and Vision Statements

Mission

The Mission of the Teachers' Retirement Board is to administer the State Teachers’ Retirement System.

  

Vision

The Teachers' Retirement Board will be a premier provider of pension benefits by offering easily accessible, timely and accurate information and services.

 

 

Statutory Responsibility

     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.

 

Public Service

     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, 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.ct.gov/trb to provide better and timely access of information to members.

 

Improvements/Achievements 2008-09

The Teachers’ Retirement Board has continued to offer trainings of our system to state Board of Education’s and state Agency staff that has members participating in the Teachers’ Retirement System.  The agency continues to review the newly developed Strategic Planning Initiative for any improvements to the customer service and response to its clients.

 

Reducing Waste

     The agency continues to save thousands of dollars by utilizing its web site as a resource for active and retired members.  Bulletins, forms and important notifications are posted to the web site for member access, saving office supplies and postage costs.  The average savings is approximately $55,000 annually.

 

Strategic Planning

     The number of members retiring is growing each year and these members rely upon us to

provide them with specific financial retirement information.  The goal of the agency is to

restore and maintain an adequate workforce to keep up with the growing demands.

 

     The processes with the Agency are still paper driven therefore it is the goal of the Agency to make its web-site interactive.  With the development of the Strategic Plan for 2008 to 2013, we have determined specific areas the agency needs to improve.  We were able to continue to update our existing phone system to improve access to staff by TRS members, developed and posted an RFI to determine the cost associated with an interactive system which would allow members to gain access to their account information and initiate changes to certain aspects of their own account, such as name, address, taxes, etc., through a secure web access.  This process is delayed due to budget constraints, but the agency will continue to review processes and procedures to improve customer service and access by members.

 

Teachers’ Retirement Board

Administrative Report

 

 

2007-2008

2008-2009

AGENCY STAFF

30

29

MEMBERSHIP

 

 

Active

52,093

 

Inactive

9,328

 

Retired

28,609

 

 

 

 

RETIREMENTS DURING THE YEAR

 

 

Normal Retirement

1,161

 

Disability Allowance

35

 

Early Retirement

367

 

Pro-rate Retirement

69

 

Deferred Retirement

77

 

Total Retirements(Less Disability Allowances)

1,674

 

Average age at retirement

60.56

 

Average length of service

30.73

 

Average salary base

$77,080

 

 

 

 

 

 

 

AVERAGE ANNUAL RETIREMENT ALLOWANCES

 

 

All Retirements

$45,687

 

Normal Retirement

$51,503

 

Disability Allowance

$27,555

 

Early Retirement

$41,084

 

Pro-rate Retirement

$16,462

 

Deferred Retirement

$14,288

 

 




RETIREMENT FUND

2007-2008

2008-2009

FUND BALANCE as of 7/1 *

$7,478,798,560

       $9,653,182,717

RECEIPTS

 

 

Members’ Mandatory Contributions

$   251,759,977

$ 278,840,589

Members’ Personal Payments

$     21,840,578

$    8,930,198

Investment Income

$   705,117,270

$426,043,504

State Contributions

$   2,518,560,263**

$539,302,674

Early Retirement Incentive Payments

$       1,667,810

$   1,573023

Transfer to Health Fund

$    (41,296,730)

$(46,219,153)

TOTAL RECEIPTS

$3,457,649,168

    $1,208,470,835

 

 

 

EXPENDITURES

 

 

Retirement Payments

$1,266,950,462

    $1,381,129,716

Refunds

$     16,314,549

$14,691,011

TOTAL EXPENDITURES

$1,283,265,011

    $1,395,820,727

 

 

 

FUND BALANCE as of 6/30 *

$9,653,182,717

    $9,465,832,825

*Investments at Cost

**Two billion received from POB

HEALTH FUND

2007-2008

2008-2009

FUND BALANCE as of 7/1

$   42,034,349

$57,538,581

RECEIPTS

 

 

Teacher Contribution Active and Retired

$   60,272,401

$70,809,453

Investment Income

$     1,484,545

$1,136,999

General Fund Income

$   20,769,667

$22,433,384

Federal Drug Subsidy

$      4,089,580

$7,061,830

TOTAL RECEIPTS

$   86,616,193

$101,441,666

 

 

 

EXPENDITURES

 

 

Payments to school districts and benefit administrators

$  71,111,961

$ 85,195,057

 

 

 

FUND BALANCE as of 6/30

$   57,538,581

$ 73,785,190

Admin/Admin Report 2009