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
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