Sec. 10-183l. Teachers' Retirement Board. Valuation of fund.
Sec. 10-183l. Teachers' Retirement Board. Valuation of fund. (a) On and after
July 1, 1991, the management of the system shall continue to be vested in the Teachers'
Retirement Board, which shall consist of twelve members including the Commissioner
of Social Services and the Commissioner of Education, or their designees, who shall
be members of the board, ex officio. On or before June 15, 1985, and quadrennially
thereafter, the members of the system shall elect from their number, in a manner prescribed by said board, two persons to serve as members of said board for terms of four
years beginning July first following such election. Both of such persons shall be active
teachers who shall be nominated by the members of the system who are not retired and
elected by all the members of the system. On or before July 1, 1991, and quadrennially
thereafter, the members of the system shall elect from their number, in a manner prescribed by said board, three persons to serve as members of said board for terms of four
years beginning July first following such election. Two of such persons shall be retired
teachers who shall be nominated by the retired members of the system and elected by
all the members of the system and one shall be an active teacher who shall be nominated
by the members of the system who are not retired and elected by all the members of the
system. If a vacancy occurs in the positions filled by the members of the system who
are not retired, said board shall elect a member of the system who is not retired to fill
the unexpired portion of the term. If a vacancy occurs in the positions filled by the retired
members of the system, said board shall elect a retired member of the system to fill the
unexpired portion of the term. The Governor shall appoint five public members to said
board in accordance with the provisions of section 4-9a. The members of the board shall
serve without compensation, but shall be reimbursed for any expenditures or loss of
salary or wages which they incur through service on the board. All decisions of the
board shall require the approval of six members of the board or a majority of the members
who are present, whichever is greater.
(b) In carrying out its duties, the board may employ a secretary and such clerical
and other assistance as may be necessary. Their salaries shall be paid by said board with
the approval of the Secretary of the Office of Policy and Management. Said board shall
employ the services of one or more actuaries, each of which shall be an individual or
firm having on its staff a fellow of the Society of Actuaries, to carry out the actuarial
duties of this section and sections 10-183b, 10-183r, and 10-183z and for such related
purposes as the board deems advisable. The cost of such services shall be charged to
the funds provided for in section 10-183r. Said board shall arrange for such actuary to
prepare an actuarial valuation of the assets and liabilities of the system as of June 30,
1980, and at least once every two years thereafter. On the basis of reasonable actuarial
assumptions approved by the board, such actuary shall determine the normal cost required to meet the actuarial cost of current service and the unfunded accrued liability.
Commencing December 1, 2002, such valuation shall be completed prior to December
first biennially. Said board shall adopt all needed actuarial tables and may adopt regulations and rules not inconsistent with this chapter, including regulations and rules for
payment of purchased service credits and repayment of previously withdrawn accumulated contributions. Said board shall establish such funds as are necessary for the management of the system. The board may enter into such contractual agreements, in accordance with established procedures, as may be necessary for the discharge of its duties.
(P.A. 78-208, S. 11, 35; 78-303, S. 85, 136; P.A. 79-436, S. 4, 6; P.A. 80-478, S. 2, 3; P.A. 83-533, S. 43, 54; P.A. 84-207, S. 1, 2; 84-255, S. 9, 21; P.A. 87-296, S. 1, 2; P.A. 91-188, S. 1, 2; P.A. 93-146, S. 2, 3; 93-262, S. 1, 87; P.A. 97-301, S. 3, 10; June Sp. Sess. P.A. 01-1, S. 41, 54; P.A. 02-89, S. 14; P.A. 03-278, S. 24.)
History: P.A. 78-303 allowed substitution of banking commissioner for bank commissioner and commissioner of
education for secretary of the state board of education in Subsec. (a) to fulfill intent of P.A. 77-614 which changed names
above and made insurance and banking departments divisions within the department of business regulation, effective
January 1, 1979; P.A. 79-436 amended Subsec. (b) to include provisions for employment and duties of actuaries; P.A. 80-478 amended Subsec. (a) to increase number of members from five to nine, including four public members; P.A. 83-533 restructured board, substituting commissioner on aging for banking commissioner and increasing number of teacher
representatives from 1 to 3 and reducing public members from 4 to 3; P.A. 84-207 amended Subsec. (a) to authorize
appointment of designees by commissioner members, required board to fill vacancy in position filled by member of the
system who is "not retired" or "retired" by electing a member who is "not retired" or "retired", respectively, inserted new
Subsec. (b) re membership and terms of board on and after July 1, 1985, relettering former Subsec. (b) as Subsec. (c) and
added new Subsec. (d) validating membership and actions of board, notwithstanding failure of board to elect members in
accordance with Subsec. (a); P.A. 84-255 amended Subsec. (a) by adding provision that commissioner of education may
appoint a designee to serve on the board; P.A. 87-296 deleted provision in Subsecs. (a) and (b) that claims for reimbursement
of board members shall be subject to approval of secretary of office of policy and management; P.A. 91-188 increased
membership of board from 11 to 12, effective July 1, 1991, required that additional member be a retired teacher, and
increased number of members required for approval of a decision of the board from 5 to 6; P.A. 93-146 amended Subsec.
(b) to remove the insurance commissioner from the teacher's retirement board and to increase the number of public members
from 4 to 5, effective June 14, 1993; P.A. 93-262 authorized substitution of commissioner and department of social services
for commissioner and department on aging, effective July 1, 1993; P.A. 97-301 amended Subsec. (c) to authorize board
to enter into contractual agreements necessary for discharge of its duties, effective September 1, 1997; June Sp. Sess. P.A.
01-1 amended Subsec. (c) to require, commencing December 1, 2002, the valuation to be completed prior to December
first biennially, effective July 1, 2001; P.A. 02-89 deleted as obsolete former Subsec. (a) re the membership of the board,
redesignated existing Subsecs. (b) and (c) as Subsecs. (a) and (b) and deleted as obsolete former Subsec. (d) re the continuation in office of certain members and the validation of certain actions of the board; P.A. 03-278 made technical changes
in Subsec. (a), effective July 9, 2003.
Cited. 211 C. 464.