Senate Bill No. 1081
Public Act No. 21-178
AN ACT CONCERNING THE INTEREST RATE RELATING TO
TEACHERS' RETIREMENT SYSTEM COST -OF-LIVING
ALLOWANCES AND RESERVING CERTAIN LOTTERY FUND
REVENUE 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
repealed and the following is substituted in lieu thereof (Effective July 1,
2021):
(l) (1) Beginning the first day of January or July which follows nine
months in retirement, a retired member who retired on or after
September 1, 1992, or a member's successor beneficiary, except a person
receiving survivor's benefits, shall be eligible for an annual cost of living
allowance. The cost of living allowance shall be calculated by using the
percentage cost of living adjustment granted by the Social Security
Administration for the applicable year, computed on the basis of the
retirement benefits to which such retired member or successor
beneficiary was entitled on the last day of the preceding December or
June except benefits based upon one per cent or voluntary contributions,
provided no cost of living allowance shall exceed six per cent and
provided further, if the total return earned by the trustees on the market
value of the pension assets for the preceding fiscal year is less than [eight Senate Bill No. 1081
Public Act No. 21-178 2 of 3
and one-half] six and nine-tenths per cent, any cost of living allowance
granted shall not exceed one and one-half per cent.
(2) A member entering the retirement system commencing on or after
July 1, 2007, or such member's successor beneficiary, except a person
receiving survivor's benefits, shall, beginning the first day of January or
July that follows nine months in retirement, be eligible for an annual
cost of living allowance as follows: The cost of living allowance shall be
calculated by using the percentage cost of living adjustment granted by
the Social Security Administration for the applicable year, computed on
the basis of the retirement benefits to which such retired member or
successor beneficiary was entitled on the last day of the preceding
December or June, as applicable, except benefits based upon one per
cent or voluntary contributions, provided (A) no cost of living
allowance shall exceed five per cent, and (B) if the total return earned by
the trustees on the market value of the pension assets for the preceding
fiscal year is less than [eight and one-half] six and nine-tenths per cent,
any cost of living allowance granted shall not exceed one per cent, if
such total return for the preceding fiscal year is greater than [eight and
one-half] six and nine-tenths per cent but less than [eleven and one-half]
nine and nine-tenths per cent, any cost of living allowance granted shall
not exceed three per cent, and if such return exceeds [eleven and one-
half] nine and nine-tenths per cent, any cost of living allowance granted
shall not exceed five per cent.
Sec. 2. Subsection (d) of section 4-66k of the general statutes is
repealed and the following is substituted in lieu thereof (Effective from
passage):
(d) There is established a regionalization subaccount within the
regional planning incentive account. If the Connecticut Lottery
Corporation offers online its existing lottery draw games through the
corporation's Internet web site, online service or mobile application, and
after any payment to the Connecticut Teachers' Retirement Fund Bonds Senate Bill No. 1081
Public Act No. 21-178 3 of 3
Special Capital Reserve Fund required pursuant to section 12-182, the
revenue from such online offering that exceeds an amount equivalent to
the costs of the debt-free community college program under section 10a-
174 shall be [deposited in] transferred to the subaccount, or, if such
online offering is not established, the amount provided under
subsection (b) of section 364 of public act 19-117 for regionalization
initiatives shall be deposited in the subaccount. Moneys in the
subaccount shall be expended only for the purposes recommended by
the task force established under section 4-66s.