Connecticut 2021 Regular Session

Connecticut Senate Bill SB01081 Compare Versions

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Version 2 (New)

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	3	+	LCO 4413 \\PRDFS1\SCOUSERS\FORZANOF\WS\2021SB-01081-R01-
	4	+	SB.docx
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	7	+	General Assembly Raised Bill No. 1081
	8	+	January Session, 2021
	9	+	LCO No. 4413
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	12	+	Referred to Committee on APPROPRIATIONS
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	14	+
	15	+	Introduced by:
	16	+	(APP)
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2	18
3	19
4		-	Senate Bill No. 1081
5		-
6		-	Public Act No. 21-178
7		-
8		-
9	20		AN ACT CONCERNING TH E INTEREST RATE RELATING TO
10		-	TEACHERS' RETIREMENT SYSTEM COST -OF-LIVING
11		-	~~ALLOWANCES~~ AND RESERVING ~~CERTAIN~~ LOTTERY FUND
12		-	~~REVENUE FOR THE~~ CONNECTICUT TEACHERS' RETIREMENT
13		-	~~FUND BONDS SPECIAL~~ CAPITAL RESERVE FUND.
	21	+	TEACHERS' RETIREMENT SYSTEM COST-OF-LIVING ALLOWANCES
	22	+	AND RESERVING CERTAI N LOTTERY FUND REVEN UE FOR THE
	23	+	CONNECTICUT TEACHERS ' RETIREMENT FUND BONDS SPECIAL
	24	+	CAPITAL RESERVE FUND .
14	25		Be it enacted by the Senate and House of Representatives in General
15	26		Assembly convened:
16	27
17		-	Section 1. Subsection (l) of section 10-183g of the general statutes is
18		-	repealed and the following is substituted in lieu thereof (Effective July 1,
19		-	2021):
20		-	(l) (1) Beginning the first day of January or July which follows nine
21		-	months in retirement, a retired member who retired on or after
22		-	September 1, 1992, or a member's successor beneficiary, except a person
23		-	receiving survivor's benefits, shall be eligible for an annual cost of living
24		-	allowance. The cost of living allowance shall be calculated by using the
25		-	percentage cost of living adjustment granted by the Social Security
26		-	Administration for the applicable year, computed on the basis of the
27		-	retirement benefits to which such retired member or successor
28		-	beneficiary was entitled on the last day of the preceding December or
29		-	June except benefits based upon one per cent or voluntary contributions,
30		-	provided no cost of living allowance shall exceed six per cent and
31		-	provided further, if the total return earned by the trustees on the market
32		-	value of the pension assets for the preceding fiscal year is less than [eight Senate Bill No. 1081
	28	+	Section 1. Subsection (l) of section 10-183g of the general statutes is 1
	29	+	repealed and the following is substituted in lieu thereof (Effective July 1, 2
	30	+	2021): 3
	31	+	(l) (1) Beginning the first day of January or July which follows nine 4
	32	+	months in retirement, a retired member who retired on or after 5
	33	+	September 1, 1992, or a member's successor beneficiary, except a person 6
	34	+	receiving survivor's benefits, shall be eligible for an annual cost of living 7
	35	+	allowance. The cost of living allowance shall be calculated by using the 8
	36	+	percentage cost of living adjustment granted by the Social Security 9
	37	+	Administration for the applicable year, computed on the basis of the 10
	38	+	retirement benefits to which such retired member or successor 11
	39	+	beneficiary was entitled on the last day of the preceding December or 12
	40	+	June except benefits based upon one per cent or voluntary contributions, 13 Raised Bill No. 1081
33	41
34		-	Public Act No. 21-178 2 of 3
35	42
36		-	and one-half] six and nine-tenths per cent, any cost of living allowance
37		-	granted shall not exceed one and one-half per cent.
38		-	(2) A member entering the retirement system commencing on or after
39		-	July 1, 2007, or such member's successor beneficiary, except a person
40		-	receiving survivor's benefits, shall, beginning the first day of January or
41		-	July that follows nine months in retirement, be eligible for an annual
42		-	cost of living allowance as follows: The cost of living allowance shall be
43		-	calculated by using the percentage cost of living adjustment granted by
44		-	the Social Security Administration for the applicable year, computed on
45		-	the basis of the retirement benefits to which such retired member or
46		-	successor beneficiary was entitled on the last day of the preceding
47		-	December or June, as applicable, except benefits based upon one per
48		-	cent or voluntary contributions, provided (A) no cost of living
49		-	allowance shall exceed five per cent, and (B) if the total return earned by
50		-	the trustees on the market value of the pension assets for the preceding
51		-	fiscal year is less than [eight and one-half] six and nine-tenths per cent,
52		-	any cost of living allowance granted shall not exceed one per cent, if
53		-	such total return for the preceding fiscal year is greater than [eight and
54		-	one-half] six and nine-tenths per cent but less than [eleven and one-half]
55		-	nine and nine-tenths per cent, any cost of living allowance granted shall
56		-	not exceed three per cent, and if such return exceeds [eleven and one-
57		-	half] nine and nine-tenths per cent, any cost of living allowance granted
58		-	shall not exceed five per cent.
59		-	Sec. 2. Subsection (d) of section 4-66k of the general statutes is
60		-	repealed and the following is substituted in lieu thereof (Effective from
61		-	passage):
62		-	(d) There is established a regionalization subaccount within the
63		-	regional planning incentive account. If the Connecticut Lottery
64		-	Corporation offers online its existing lottery draw games through the
65		-	corporation's Internet web site, online service or mobile application, and
66		-	after any payment to the Connecticut Teachers' Retirement Fund Bonds Senate Bill No. 1081
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	45	+	2 of 3
67	46
68		-	Public Act No. 21-178 3 of 3
	47	+	provided no cost of living allowance shall exceed six per cent and 14
	48	+	provided further, if the total return earned by the trustees on the market 15
	49	+	value of the pension assets for the preceding fiscal year is less than [eight 16
	50	+	and one-half] six and nine-tenths per cent, any cost of living allowance 17
	51	+	granted shall not exceed one and one-half per cent. 18
	52	+	(2) A member entering the retirement system commencing on or after 19
	53	+	July 1, 2007, or such member's successor beneficiary, except a person 20
	54	+	receiving survivor's benefits, shall, beginning the first day of January or 21
	55	+	July that follows nine months in retirement, be eligible for an annual 22
	56	+	cost of living allowance as follows: The cost of living allowance shall be 23
	57	+	calculated by using the percentage cost of living adjustment granted by 24
	58	+	the Social Security Administration for the applicable year, computed on 25
	59	+	the basis of the retirement benefits to which such retired member or 26
	60	+	successor beneficiary was entitled on the last day of the preceding 27
	61	+	December or June, as applicable, except benefits based upon one per 28
	62	+	cent or voluntary contributions, provided (A) no cost of living 29
	63	+	allowance shall exceed five per cent, and (B) if the total return earned by 30
	64	+	the trustees on the market value of the pension assets for the preceding 31
	65	+	fiscal year is less than [eight and one-half] six and nine-tenths per cent, 32
	66	+	any cost of living allowance granted shall not exceed one per cent, if 33
	67	+	such total return for the preceding fiscal year is greater than [eight and 34
	68	+	one-half] six and nine-tenths per cent but less than [eleven and one-half] 35
	69	+	nine and nine-tenths per cent, any cost of living allowance granted shall 36
	70	+	not exceed three per cent, and if such return exceeds [eleven and one-37
	71	+	half] nine and nine-tenths per cent, any cost of living allowance granted 38
	72	+	shall not exceed five per cent. 39
	73	+	Sec. 2. Subsection (d) of section 4-66k of the general statutes is 40
	74	+	repealed and the following is substituted in lieu thereof (Effective from 41
	75	+	passage): 42
	76	+	(d) There is established a regionalization subaccount within the 43
	77	+	regional planning incentive account. If the Connecticut Lottery 44
	78	+	Corporation offers online its existing lottery draw games through the 45
	79	+	corporation's Internet web site, online service or mobile application, and 46 Raised Bill No. 1081
69	80
70		-	Special Capital Reserve Fund required pursuant to section 12-182, the
71		-	revenue from such online offering that exceeds an amount equivalent to
72		-	the costs of the debt-free community college program under section 10a-
73		-	174 shall be [deposited in] transferred to the subaccount, or, if such
74		-	online offering is not established, the amount provided under
75		-	subsection (b) of section 364 of public act 19-117 for regionalization
76		-	initiatives shall be deposited in the subaccount. Moneys in the
77		-	subaccount shall be expended only for the purposes recommended by
78		-	the task force established under section 4-66s.
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	85	+
	86	+	after any payment to the Connecticut Teachers' Retirement Fund Bonds 47
	87	+	Special Capital Reserve Fund required pursuant to section 12-182, the 48
	88	+	revenue from such online offering that exceeds an amount equivalent to 49
	89	+	the costs of the debt-free community college program under section 10a-50
	90	+	174 shall be [deposited in] transferred to the subaccount, or, if such 51
	91	+	online offering is not established, the amount provided under 52
	92	+	subsection (b) of section 364 of public act 19-117 for regionalization 53
	93	+	initiatives shall be deposited in the subaccount. Moneys in the 54
	94	+	subaccount shall be expended only for the purposes recommended by 55
	95	+	the task force established under section 4-66s. 56
	96	+	This act shall take effect as follows and shall amend the following
	97	+	sections:
	98	+
	99	+	Section 1 July 1, 2021 10-183g(l)
	100	+	Sec. 2 from passage 4-66k(d)
	101	+
	102	+	APP Joint Favorable
80	103