§ 135-1.1. Licensing and examining boards.
§ 135‑1.1. Licensingand examining boards.
(a) Any State board oragency charged with the duty of administering any law relating to theexamination and licensing of persons to practice a profession, trade oroccupation, in its discretion, may elect on or before July 1, 1983, by anappropriate resolution of said board, to cause its employees so employed priorto July 1, 1983 to become members of the Teachers' and State Employees'Retirement System. Such Retirement System coverage shall be conditioned on suchboard's paying all of the employer's contributions or matching funds from fundsof the board and on such board's collecting from its employees the employees'contributions, at such rates as may be fixed by law and by the regulations ofthe Board of Trustees of the Retirement System, all of such funds to be paid tothe Retirement System and placed in the appropriate funds. Retroactive coverageof the employees of any such board may also be effected to the extent that suchboard requests provided the board pays all of the employer's contributions ormatching funds necessary for such purpose and provided said board collects fromits employees all employees' contributions necessary for such purpose, computedat such rates and in such amount as the Board of Trustees of the RetirementSystem determines, all of such funds to be paid to the Retirement System,together with such interest as may be due, and placed in the appropriate funds.
(b) Notwithstanding anyother provision of this Chapter, any State board or agency charged with theduty of administering any law relating to the examination and licensing ofpersons to practice a profession, trade, or occupation, and who is subject tothe provisions of the State Budget Act, Chapter 143C of the General Statutes, maymake an irrevocable election by appropriate resolution of the board, on orbefore October 1, 2000, to become an employer in the Teachers' and StateEmployees' Retirement System. Retirement System coverage shall be conditionedon the board's payment of all of the employer's contributions or matching fundsfrom funds of the board and on the board's collecting from its employees theemployees' contributions, at such rates as may be fixed by law and by the rulesof the Board of Trustees of the Retirement System, all of such funds to be paidto the Retirement System and placed in the appropriate funds. Any person who isan employee of the board on the date the board makes an irrevocable election toparticipate in the Retirement System may purchase creditable service forperiods of employment with the board prior to the election by making a lump‑sumpayment equal to the full cost of the service credits calculated on the basisof the assumptions used for the purposes of the actuarial valuation of thesystem's liabilities, and shall take into account the additional retirementallowance arising on account of such additional service credit commencing atthe earliest age at which a member could retire on an unreduced retirementallowance, as determined by the Board of Trustees upon the advice of theconsulting actuary, plus an administrative fee to be set by the Board ofTrustees. Notwithstanding the foregoing provisions of this subdivision thatprovide for the purchase of service credits, the terms "full cost","full liability", and "full actuarial cost" include assumedannual postretirement allowance increases, as determined by the Board ofTrustees, from the earliest age at which a member could retire on an unreducedservice allowance. (1959,c. 1012; 1983, c. 412, s. 3; 2000‑187, s. 1; 2006‑203, s. 72.)