Sec. 10-183jj. Retirement incentive plans for teachers.
Sec. 10-183jj. Retirement incentive plans for teachers. (a) A local or regional
board of education may establish a retirement incentive plan for teachers, as defined in
subparagraph (A) of subdivision (26) of section 10-183b, in its employ who are members
of the teachers' retirement system. The plan shall provide for purchase of additional
credited service by a board of education and a member of the system who chooses to
participate in the plan, of additional credited service for such member and for payment
by the board of education of not less than fifty per cent of the entire cost of such additional
credited service and payment by the member of the remaining percentage of such total
cost. Payment shall be made in one lump sum, prior to retirement. Any such plan shall
specify a maximum number of years, not exceeding five years, of additional credited
service which may be purchased under the plan. Any such plan shall have a two-month
application period.
(b) Any such member who has attained age fifty and (1) who would become eligible
to receive a retirement benefit under subsection (a), (b) or (c) of section 10-183f if such
member received additional credited service pursuant to subsection (e) of this section,
or (2) who is not retired and is eligible to receive a retirement benefit under subsection
(a), (b) or (c) of section 10-183f shall be eligible to apply. Any member who applies
shall agree in writing, as part of such application, to submit a complete formal application
for retirement to the Teachers' Retirement Board on a date which shall be established
by the board of education which employs the member, provided such date shall be on
or before the last day of the school year in which additional credited service is purchased
for such member pursuant to this section.
(c) All such eligible members may participate in the plan except that a local or
regional board of education may limit the number of such members for whom it purchases such additional credited service in any calendar year to a specified percentage
of such members in its employ on the first day of January of such year. If participation
is limited, members with a greater length of service with the board of education, if they
choose to participate, shall have additional credited service purchased before members
with a lesser length of service with the board of education.
(d) The amount of additional credited service purchased for any member pursuant
to such retirement incentive plan shall be uniformly determined but shall not exceed
the lesser of the following: (1) Five years of additional credited service, or (2) an amount
of service credit equal to one-fifth of the member's total credited service, including
additional credited service purchased by the member pursuant to the provisions of section 10-183e.
(e) For each year of additional credited service purchased pursuant to this section,
the local or regional board of education and the member shall pay, in accordance with
subsection (a) of this section, an amount specified by the Teachers' Retirement Board
equal to the actuarial present value, determined according to actuarial tables adopted
by the Teachers' Retirement Board, of the difference between the retirement benefit
which the member is entitled to receive based upon the member's service apart from
such purchased service and the benefit which the member is entitled to receive including
such service. Payment for such service may be made in equal annual installment payments, including interest, not exceeding three times the number of years being purchased. Payments shall be made in accordance with subsection (b) of section 10-183n
and rules adopted by the Teachers' Retirement Board. Any late payments or outstanding
obligations from a prior year's purchase or from late payment of monthly mandatory
deductions shall be included as part of the cost of purchasing such service. Any additional
credited service purchased for any such member shall be in addition to any credited
service purchased pursuant to section 10-183e.
(P.A. 89-233, S. 1, 3; P.A. 90-308, S. 2, 3, 15; P.A. 03-232, S. 6; P.A. 06-190, S. 1; P.A. 07-217, S. 44.)
History: P.A. 90-308 amended Subsec. (a) to change application period from six months to two months and expanded
eligibility criteria in Subsec. (b) to include any member who has attained age 50, is not retired, and is eligible to receive
a retirement benefit under Sec. 10-183f; P.A. 03-232 amended Subsec. (e) to provide for payment for additional credited
service in equal annual installments, including interest, not exceeding three times the number of years being purchased,
and that payments shall be made in accordance with Sec. 10-183n(b), to provide that "late payments or outstanding obligations from a prior year's purchase or from late payment of monthly mandatory deductions shall be included as part of the
cost of purchasing such service", and to make technical changes for the purpose of gender neutrality, effective July 9,
2003; P.A. 06-190 amended Subsec. (a) to authorize participating member to pay up to 50% of total cost of additional
credited service, made technical changes in Subsecs. (b) and (d), and amended Subsec. (e) to delete requirement that
retirement board notify a member, in writing, of a service purchase for such member by a board of education and to make
conforming changes, effective July 1, 2006; P.A. 07-217 made a technical change in Subsec. (a), effective July 12, 2007.