Conn. Gen. Stat. § 10-183l

Current with legislation from 2024 effective through June 6, 2024.

Section 10-183l - Teachers' Retirement Board. Valuation of fund

(a)

(1) On and after July 1, 1991, the management of the system shall continue to be vested in the Teachers' Retirement Board, whose members shall include the Treasurer, the Secretary of the Office of Policy and Management and the Commissioner of Education, or their designees, who shall be voting members of the board, ex officio.

(2) On or before June 15, 1985, and quadrennially thereafter, the members of the system shall elect from their number, in a manner prescribed by said board, two persons to serve as members of said board for terms of four years beginning July first following such election. Both of such persons shall be active teachers who shall be nominated by the members of the system who are not retired and elected by all the members of the system. On or before July 1, 1991, and quadrennially thereafter, the members of the system shall elect from their number, in a manner prescribed by said board, three persons to serve as members of said board for terms of four years beginning July first following such election. Two of such persons shall be retired teachers who shall be nominated by the retired members of the system and elected by all the members of the system and one shall be an active teacher who shall be nominated by the members of the system who are not retired and elected by all the members of the system.

(3) On or before July 1, 2011, and quadrennially thereafter, the members of the system shall elect from their number, in a manner prescribed by said board, one person to serve as a member of said board for a term of four years beginning July first following such election. Such person shall be an active teacher who shall be nominated by the members of the system who are not retired, elected by all the members of the system and a member of an exclusive representative of a teachers' bargaining unit that is not represented by the members of the board elected under subdivision (2) of this subsection.

(4) On or before October 1, 2023, and quadrennially thereafter, the retired members of the system shall elect from their number, in a manner prescribed by said board, two persons to serve as members of said board for a term of four years beginning October first following such election. Both of such persons shall be (A) retired teachers who are receiving a pension benefit from the system, and (B) nominated and elected by the members of the system who are retired.

(5) If a vacancy occurs in the positions filled by the members of the system who are not retired, said board shall elect a member of the system who is not retired to fill the unexpired portion of the term. If a vacancy occurs in the positions filled by the retired members of the system, said board shall elect a retired member of the system to fill the unexpired portion of the term. The Governor shall appoint five public members to said board in accordance with the provisions of section 4-9a, one of whom shall be the mayor, first selectman or chief elected official of a municipality. On and after October 31, 2017, the Governor shall fill the next vacant position on the board that is appointed by the Governor with a person who is the mayor, first selectman or chief elected official of a municipality. The members of the board shall serve without compensation, but shall be reimbursed for any expenditures or loss of salary or wages which they incur through service on the board. A majority of the membership of the board shall constitute a quorum for the transaction of any business.

(b) In carrying out its duties, the board may employ a chief administrator with a title established by the board, who shall also serve as secretary of the board, an administrative officer and such staff as may be necessary. Their salaries shall be paid by said board with the approval of the Secretary of the Office of Policy and Management. Said board shall employ the services of one or more actuaries, each of which shall be an individual or firm having on its staff a fellow of the Society of Actuaries, to carry out the actuarial duties of this section and sections 10-183b, 10-183r, and 10-183z and for such related purposes as the board deems advisable. The cost of such services shall be charged to the funds provided for in section 10-183r. Said board shall arrange for such actuary to prepare an actuarial valuation of the assets and liabilities of the system as of June thirtieth, annually. On the basis of reasonable actuarial assumptions approved by the board, such actuary shall determine the actuarially determined employer contribution required to meet the actuarial cost of current service and the unfunded accrued liability. Such valuation shall be completed prior to December first, annually. Said board shall adopt all needed actuarial tables and may adopt regulations and rules not inconsistent with this chapter, including regulations and rules for payment of purchased service credits and repayment of previously withdrawn accumulated contributions. Said board shall establish an operational budget necessary for the management of the system. The board may enter into such contractual agreements, in accordance with established procedures, as may be necessary for the discharge of its duties.

Conn. Gen. Stat. § 10-183l

(P.A. 78-208, S. 11, 35; 78-303, S. 85, 136; P.A. 79-436, S. 4, 6; P.A. 80-478, S. 2, 3; P.A. 83-533, S. 43, 54; P.A. 84-207, S. 1, 2; 84-255, S. 9, 21; P.A. 87-296, S. 1, 2; P.A. 91-188 , S. 1 , 2 ; P.A. 93-146 , S. 2 , 3 ; 93-262 , S. 1 , 87 ; P.A. 97-301 , S. 3 , 10 ; June Sp. Sess. P.A. 01-1 , S. 41 , 54 ; P.A. 02-89 , S. 14 ; P.A. 03-278 , S. 24 ; P.A. 11-48 , S. 40 ; June Sp. Sess. P.A. 17-2 , S. 68 .)

Amended by P.A. 23-0063, S. 1 of the Connecticut Acts of the 2023 Regular Session, eff. 6/26/2023.

Amended by P.A. 22-0118, S. 91 of the Connecticut Acts of the 2022 Regular Session, eff. 7/1/2022.

Amended by P.A. 21-0186, S. 4 of the Connecticut Acts of the 2021 Regular Session, eff. 7/1/2021.

Amended by P.A. 17-0002, S. 68 of the Connecticut Acts of the 2017 Special Session, eff. 10/31/2017.

Amended by P.A. 11-0048, S. 40 of the the 2011 Regular Session, eff. 6/13/2011.

Cited. 211 Conn. 464 .