Connecticut Senate Bill SB00106

Connecticut 2013 Regular Session

• Introduced: 1/11/13
• Refer: 1/11/13

Caption

An Act Permitting Certain State Employees To Purchase Additional Retirement Time.

Impact

The implementation of SB00106 would fundamentally alter aspects of the state's retirement laws, offering enhanced benefits for those who qualify under the specified criteria. By allowing the purchase of additional retirement time, the bill addresses a gap in the state's retirement provisions for employees who have transitioned from federal employment, aiming to provide a fairer representation of their total work history. This could have implications for the financial planning of many state employees, contributing positively to their retirement security.

Summary

SB00106 is a proposed act aimed at permitting certain state employees within the tier IIA retirement plan to purchase additional retirement time. This provision specifically targets those who have previously worked for the federal government in federal corrections. The intent behind this bill is to enable eligible employees to recognize their past federal service as part of their state retirement benefits, potentially increasing their retirement income and recognition of their overall service.

Contention

However, discussions surrounding SB00106 may involve contention related to budgetary impacts and fairness of retirement systems. Critics might argue that allowing these purchases could create a significant financial burden on the state’s pension system, potentially necessitating revisions in funding or benefits for other employees. Furthermore, there may be debates about the perceived equity of providing such benefits to certain groups of employees while not extending similar opportunities to others, raising questions about how these changes align with overall retirement policy goals in the state.