OFFICE OF FISCAL ANALYSIS
Legislative Office Building, Room 5200
Hartford, CT 06106 (860) 240-0200
http://www.cga.ct.gov/ofa
SB-1080
AN ACT CONCERNING VARIOUS REVISIONS TO THE TEACHERS'
RETIREMENT SYSTEM.
Primary Analyst: CG 5/8/21
Contributing Analyst(s):
OFA Fiscal Note
State Impact: None
Municipal Impact: None
Explanation
The bill, which does not result in a fiscal impact, makes various
changes to the statutes governing the Teachers' Retirement System that
serve to clarify the administration of benefits or bring the statutes into
conformity with federal law.
These changes include: 1) updating the age at which minimum
distribution requirements must be made to 72 for members who attain
that age on or after January 1, 2020 as required under federal law; 2)
clarifying that any voluntary contributions can only be made by
payroll deduction on an after-tax basis; 3) clarifying that the majority
of the membership of the Teachers' Retirement Board is a quorum for
the transaction of any business; and 4) specifying that a member must
provide a statutory basis for any appeal.
The Out Years
State Impact: None
Municipal Impact: None