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General Assembly Raised Bill No. 1081
January Session, 2021
LCO No. 4413
Referred to Committee on APPROPRIATIONS
Introduced by:
(APP)
AN ACT CONCERNING TH E INTEREST RATE RELATING TO
TEACHERS' RETIREMENT SYSTEM COST-OF-LIVING ALLOWANCES
AND RESERVING CERTAI N LOTTERY FUND REVEN UE FOR THE
CONNECTICUT TEACHERS ' RETIREMENT FUND BONDS SPECIAL
CAPITAL RESERVE FUND .
Be it enacted by the Senate and House of Representatives in General
Assembly convened:
Section 1. Subsection (l) of section 10-183g of the general statutes is 1
repealed and the following is substituted in lieu thereof (Effective July 1, 2
2021): 3
(l) (1) Beginning the first day of January or July which follows nine 4
months in retirement, a retired member who retired on or after 5
September 1, 1992, or a member's successor beneficiary, except a person 6
receiving survivor's benefits, shall be eligible for an annual cost of living 7
allowance. The cost of living allowance shall be calculated by using the 8
percentage cost of living adjustment granted by the Social Security 9
Administration for the applicable year, computed on the basis of the 10
retirement benefits to which such retired member or successor 11
beneficiary was entitled on the last day of the preceding December or 12
June except benefits based upon one per cent or voluntary contributions, 13 Raised Bill No. 1081
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provided no cost of living allowance shall exceed six per cent and 14
provided further, if the total return earned by the trustees on the market 15
value of the pension assets for the preceding fiscal year is less than [eight 16
and one-half] six and nine-tenths per cent, any cost of living allowance 17
granted shall not exceed one and one-half per cent. 18
(2) A member entering the retirement system commencing on or after 19
July 1, 2007, or such member's successor beneficiary, except a person 20
receiving survivor's benefits, shall, beginning the first day of January or 21
July that follows nine months in retirement, be eligible for an annual 22
cost of living allowance as follows: The cost of living allowance shall be 23
calculated by using the percentage cost of living adjustment granted by 24
the Social Security Administration for the applicable year, computed on 25
the basis of the retirement benefits to which such retired member or 26
successor beneficiary was entitled on the last day of the preceding 27
December or June, as applicable, except benefits based upon one per 28
cent or voluntary contributions, provided (A) no cost of living 29
allowance shall exceed five per cent, and (B) if the total return earned by 30
the trustees on the market value of the pension assets for the preceding 31
fiscal year is less than [eight and one-half] six and nine-tenths per cent, 32
any cost of living allowance granted shall not exceed one per cent, if 33
such total return for the preceding fiscal year is greater than [eight and 34
one-half] six and nine-tenths per cent but less than [eleven and one-half] 35
nine and nine-tenths per cent, any cost of living allowance granted shall 36
not exceed three per cent, and if such return exceeds [eleven and one-37
half] nine and nine-tenths per cent, any cost of living allowance granted 38
shall not exceed five per cent. 39
Sec. 2. Subsection (d) of section 4-66k of the general statutes is 40
repealed and the following is substituted in lieu thereof (Effective from 41
passage): 42
(d) There is established a regionalization subaccount within the 43
regional planning incentive account. If the Connecticut Lottery 44
Corporation offers online its existing lottery draw games through the 45
corporation's Internet web site, online service or mobile application, and 46 Raised Bill No. 1081
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after any payment to the Connecticut Teachers' Retirement Fund Bonds 47
Special Capital Reserve Fund required pursuant to section 12-182, the 48
revenue from such online offering that exceeds an amount equivalent to 49
the costs of the debt-free community college program under section 10a-50
174 shall be [deposited in] transferred to the subaccount, or, if such 51
online offering is not established, the amount provided under 52
subsection (b) of section 364 of public act 19-117 for regionalization 53
initiatives shall be deposited in the subaccount. Moneys in the 54
subaccount shall be expended only for the purposes recommended by 55
the task force established under section 4-66s. 56
This act shall take effect as follows and shall amend the following
sections:
Section 1 July 1, 2021 10-183g(l)
Sec. 2 from passage 4-66k(d)
APP Joint Favorable