Sec. 5-155a. Retirement Commission. Membership. Responsibilities and duties. Alternate retirement program. Regulations. Report by Treasurer re fiscal transactions of system.
Sec. 5-155a. Retirement Commission. Membership. Responsibilities and duties. Alternate retirement program. Regulations. Report by Treasurer re fiscal
transactions of system. (a) Members. The general administration and responsibility
for the proper operation of the state employees retirement system is vested in a single
board of trustees to be known as the Connecticut State Employees Retirement Commission. Notwithstanding the provisions of section 4-9a, the Retirement Commission shall
consist of the following: (1) Six trustees representing employees who shall be appointed
by the bargaining agents in accordance with the provisions of applicable collective
bargaining agreements. The trustees representing employees shall not be members of
the same bargaining unit. The trustees representing employees shall serve three-year
terms; (2) six management trustees who are members of the state employees retirement
system, who shall serve three-year terms. The management trustees shall be appointed
by the Governor; (3) two actuarial trustees who are enrolled actuaries and Fellows of
the Society of Actuaries. One actuarial trustee shall be nominated by the management
trustees and one shall be nominated by the trustees representing employees. The Governor shall appoint the actuarial trustees for three-year terms; (4) one neutral trustee who
shall be chairman of the State Employees Retirement Commission. Such neutral trustee
shall be enrolled in the National Academy of Arbitrators and shall be nominated by the
employee and management trustees and appointed by the Governor. The neutral trustee
shall serve a two-year term. If a vacancy occurs in the office of a trustee, the vacancy
shall be filled for the unexpired term in the same manner as the office was previously
filled. The trustees, with the exception of the chairman and the actuarial trustees, shall
serve without compensation but shall be reimbursed in accordance with the standard
travel regulations for all necessary expenses that they may incur through service on the
commission. The chairman and the actuarial trustees shall be compensated at their normal and usual per diem fee, plus travel expenses, from the funds of the retirement system
for each day of service to the commission. Each trustee shall, within ten days after
appointment or election, take an oath of office that so far as it devolves upon the trustee,
the trustee will diligently and honestly administer the affairs of the commission, and
will not knowingly violate or willingly permit to be violated any of the provisions of
law applicable to the state retirement system. Each trustee's term shall begin from the
date the trustee takes such an oath. The trustees shall appoint a representative from
among the municipalities that have accepted the provisions of part II of chapter 113,
who shall serve as a municipal liaison to the commission, at the commission's pleasure
and under such terms and conditions as the commission may prescribe. Each trustee
shall be entitled to one vote on the commission. A majority of the commission shall
constitute a quorum for the transaction of any business, the exercise of any power or
the performance of any duty authorized or imposed by law. The Retirement Commission
shall be within the Retirement Division of the office of the Comptroller for administrative purposes only. The Comptroller, ex officio, shall be the nonvoting secretary of the
commission and shall provide secretariat support to the commission.
(b) Meetings. The Retirement Commission shall meet at least monthly and shall
report to the Governor as provided in section 4-60.
(c) Powers and duties. The Retirement Commission shall administer this retirement system, the municipal employees' retirement system established by part II of chapter 113 and all other state retirement and pension plans except the Teachers' Retirement
Fund. The Retirement Commission shall have general supervision of the operation of
the retirement system, shall conduct the business and activities of the system, in accordance with this chapter and applicable law and each trustee shall be a fiduciary with
respect to the retirement system and its members. The Retirement Commission shall
authorize the participation in an alternate retirement program by the eligible unclassified
employees of the constituent units of the state system of higher education and the central
office staff of the Department of Higher Education. Such program may be underwritten
by a life insurance company licensed to do business in this state. In conducting the
business of the system, including its oversight functions, the Retirement Commission
shall act: (1) With the care, skill, prudence and diligence under the circumstances then
prevailing that a prudent person acting in a like capacity and familiar with such matters
would use in the conduct of an enterprise of a like character and with like aims; (2) in
accordance with strict fiduciary standards and responsibilities; and (3) in accordance
with the provisions of the general statutes and applicable collective bargaining
agreements.
(d) Social Security. The Retirement Commission shall act as agent for the state in
all matters relating to the Social Security Agreement, except those matters set forth in
parts four, nine and ten of said agreement. The Retirement Commission may make
regulations as to maintaining membership under Social Security or conduct referenda
as appropriate to secure Social Security coverage for state employees to the extent permitted by Section 218 of the Social Security Act.
(e) Regulations. The Retirement Commission may adopt such regulations, in accordance with the provisions of chapter 54, as are necessary to carry out the provisions
of this chapter and may establish rules and regulations which it deems necessary or
desirable to facilitate the proper administration of the retirement system. Rules and
regulations established by the commission shall be binding upon all parties dealing
with the Retirement Commission and all persons claiming any benefits from the system
provided that no regulation, rule, action or determination made or adopted by the Retirement Commission shall in any manner conflict or be inconsistent with any provision
of an applicable current collective bargaining agreement in effect between any state
employer and the unions representing employees.
(f) Allocation and delegation of fiduciary responsibilities. The Retirement Commission may, by resolution or regulation, allocate fiduciary responsibilities and various
administrative duties to committees or subcommittees of the Retirement Commission,
and may delegate such responsibilities and duties to other individuals as it deems appropriate or necessary in its sole discretion and consistent with this section.
(g) Hearings. The commission may hold hearings when deemed necessary in the
performance if its duty. The hearings shall be governed by rules and regulations of the
commission and the commission shall not be bound by technical rules of evidence.
(h) General counsel. The commission may hire a general counsel who shall serve
at the pleasure of the commission, have offices in the Retirement Division and perform
duties as directed by the commission. The commission may obtain such additional legal
advice and assistance as it deems advisable.
(i) Reporting and disclosure. (1) All plans, descriptions and reports and all legal,
financial and actuarial documents dealing with the general operations of the pension
plan shall be available for inspection and copying by members and their representatives.
The cost of any copying shall be borne by the member or representative, but shall not
exceed twenty-five cents per page.
(2) Each year the State Treasurer shall publish and forward to the commission a
consolidated report showing the fiscal transactions of the system for the preceding fiscal
year, including gain or loss by category of security, a reconciliation of assets showing
the progression of the fund from one year to the next, the amount of the accumulated cash
and securities of the system and the last balance sheet showing the financial condition of
the system by means of an actuarial valuation of its assets and liabilities. Assets shall
be shown at book and market value and by type or term of investment. Gain or loss shall
be reported by category of security type. This requirement shall be satisfied if an Internal
Revenue Service form 5500 is completed and submitted to the commission provided
that the information included therein is sufficient to allow the computation of the investment yield of the fund on an annual basis. Each member shall receive a summary plan
description within ninety days of employment and at least once in every four years
thereafter. The commission shall notify members of substantial statutory plan amendments, if any, within two hundred ten days after their effective date.
(3) Effective July 1, 1985, and annually thereafter, the commission shall provide
each member with a statement that shows the individual's vested benefits or the benefits
the member may be entitled to on vesting and the date on which the member will be
vested, shows the amount of the member's accrued benefits, shows the name of the
beneficiary, if any, of the member in case of death and shows the total amount of contributions paid by the member and the interest accrued, if any.
(j) Claims procedure. Any claim for a pension or any other benefit which may
become available in accordance with the provisions of this chapter may be submitted
to the commission provided it is submitted in writing. Any such claim will be reviewed
and decided by the commission. The claimant shall be advised of the processing status
of his claim upon reasonable request.
(k) Claims review and appeal procedure. If any claim is denied, a claimant may
request that the decision be reviewed and reconsidered by the commission. Thereafter,
any such case shall be decided as a contested case in accordance with chapter 54.
(P.A. 83-533, S. 3, 54; P.A. 84-544, S. 1, 8; 84-546, S. 128, 173; P.A. 85-510, S. 13, 35; 85-613, S. 17, 154; P.A. 86-348, S. 2, 8; P.A. 89-215, S. 1, 3; May 25 Sp. Sess. P.A. 94-1, S. 68, 130; P.A. 03-138, S. 1.)
History: P.A. 84-544 amended Subsec. (c) to replace provision allowing commission to authorize participation in an
alternate retirement program with provision requiring commission to authorize participation in one of four alternate retirement programs, added provision requiring each such program to be structured to allow transfer of membership and funds
to and from other such program, and added provision that no employee shall make more than one transfer between such
programs; P.A. 84-546 substituted "department of higher education" for obsolete reference to "board of higher education"
in Subsec. (c); P.A. 85-510 amended Subsec. (a) by deleting provisions for the nomination and election of two trustees
representing employees and substituting provision for the appointment by bargaining agents in accordance with collective
bargaining agreements of six trustees representing employees, by increasing the number of management trustees from two
to six and made technical changes; P.A. 85-613 made technical changes in Subsec. (e); P.A. 86-348 amended Subsec. (c)
to reduce number of alternate retirement programs from four to one and to delete provisions re transfer between such
programs; P.A. 89-215 amended Subsec. (d) to clarify that retirement commission does not act as state's agent in matters
set forth in parts four, nine and ten of the Social Security agreement; May 25 Sp. Sess. P.A. 94-1 amended Subsec. (k) by
making technical change, effective July 1, 1994; P.A. 03-138 amended Subsec. (a) by adding provision requiring trustees
to appoint a municipal liaison to the Retirement Commission and making technical changes for the purpose of gender
neutrality, effective June 26, 2003; (Revisor's note: In 2005 a reference in Subsec. (c) to "chapter 113, part II" was changed
editorially by the Revisors to "part II of chapter 113").
See Sec. 4-38f for definition of "administrative purposes only".
Subsec. (a):
Cited. 210 C. 531.
Subsec. (c):
Cited. 210 C. 531. Cited. 234 C. 424.
Cited. 34 CA 510; judgment reversed, see 234 C. 424.
Subsec. (d):
Cited. 210 C. 531.
Subsec. (g):
Cited. 234 C. 411.
Subsec. (j):
Cited. 234 C. 411; Id., 424.
Subsec. (k):
Cited. 210 C. 214. Cited. 234 C. 411.
Plaintiff has no substantive right to appeal denial by the State Employees Retirement Commission of his request to
reconsider the calculation of his retirement benefits. 48 CA 482.