Connecticut 2014 Regular Session

Connecticut House Bill HB05396 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1		-	General Assembly Substitute Bill No. 5396
2		-	February Session, 2014 _____HB05396APP___040214____
	1	+	General Assembly Raised Bill No. 5396
	2	+	February Session, 2014 LCO No. 1874
	3	+	01874_______APP
	4	+	Referred to Committee on APPROPRIATIONS
	5	+	Introduced by:
	6	+	(APP)
3	7
4	8		General Assembly
5	9
6		-	~~Substitute~~ Bill No. 5396
	10	+	Raised Bill No. 5396
7	11
8	12		February Session, 2014
9	13
10		-	_____HB05396APP___040214____
	14	+	LCO No. 1874
	15	+
	16	+	01874_______APP
	17	+
	18	+	Referred to Committee on APPROPRIATIONS
	19	+
	20	+	Introduced by:
	21	+
	22	+	(APP)
11	23
12	24		AN ACT CONCERNING RETENTION OF THE COPARTICIPANT OPTION UNDER THE TEACHERS' RETIREMENT SYSTEM AFTER DIVORCE.
13	25
14	26		Be it enacted by the Senate and House of Representatives in General Assembly convened:
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16	28		Section 1. Subsection (d) of section 10-183j of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2014):
17	29
18	30		(d) The benefits payable to such member and such coparticipant shall be computed as follows:
19	31
20	32		(1) The benefit payable to such member at retirement and to such coparticipant upon such member's death shall be the actuarial equivalent of the normal, early, proratable or disability benefit for which such member is eligible and based upon such member's age at retirement and the age of such coparticipant on such retirement date.
21	33
22	34		(2) The benefit payable to such coparticipant of such member who dies after such option first becomes effective but before retirement shall be the actuarial equivalent of the normal, early or proratable benefit for which such member was eligible based on such member's age at death and the age of such coparticipant on such date of death.
23	35
24		-	(3) [The benefit payable to a member whose designated coparticipant dies or is divorced from the member after the effective date of the option but before the retirement or death of such member shall be the normal, early, proratable or disability benefit for which the member is eligible. A] ~~(A) Except as provided in subparagraph (B) of this subdivision,~~ a coparticipant option shall be terminated, for any member whose designated coparticipant dies or is divorced from the member after the member's retirement, on the date of such death or divorce. Such member shall thereupon be paid the normal, early [,] or proratable [or disability] retirement benefit for which the member is eligible. ~~(B)~~ On and after July 1, 2014, the member may retain the coparticipant and coparticipant option elected at the time of retirement by filing a qualified domestic relations order with the board.
	36	+	(3) [The benefit payable to a member whose designated coparticipant dies or is divorced from the member after the effective date of the option but before the retirement or death of such member shall be the normal, early, proratable or disability benefit for which the member is eligible.] A coparticipant option shall be terminated, for any member whose designated coparticipant dies or is divorced from the member after the member's retirement, on the date of such death or divorce. Such member shall thereupon be paid the normal, early [,] or proratable [or disability] retirement benefit for which the member is eligible. On and after July 1, 2014, the member may retain the coparticipant and coparticipant option elected at the time of retirement by filing a qualified domestic relations order with the board.
25	37
26	38
27	39
28	40
29	41		This act shall take effect as follows and shall amend the following sections:
30	42		Section 1 July 1, 2014 10-183j(d)
31	43
32	44		This act shall take effect as follows and shall amend the following sections:
33	45
34	46		Section 1
35	47
36	48		July 1, 2014
37	49
38	50		10-183j(d)
39	51
40		-	Statement of ~~Legislative Commissioners~~:
	52	+	Statement of Purpose:
41	53
42		-	~~Subdivision (3) was redrafted into subparagraphs (A) and (B)~~ to ~~clarify that~~ the option ~~under subparagraph (B) is an exception to the provisions of subparagraph (A).~~
	54	+	To permit members of the teachers' retirement system to retain the coparticipant option after divorce.
43	55
44		-
45		-
46		-	APP Joint Favorable Subst. -LCO
47		-
48		-	APP
49		-
50		-	Joint Favorable Subst. -LCO
	56	+	[Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, except that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not underlined.]