CT HB05401

Removes requirement that deferred vested retirement benefits must wait until age 65 if ten years of credited service is completed after age 60; members with ten years of service can now receive benefits starting at age 60.

Changes retirement incentive plan payment structure so teachers pay their portion of additional credited service costs within 30 days of notification rather than in one lump sum prior to retirement.

Allows boards of education to pay their share of additional credited service costs through equal annual installment payments over a period not exceeding three times the number of years being purchased, with interest included.

Clarifies that any outstanding obligations from prior year purchases or late mandatory deduction payments shall be included as part of the cost of purchasing additional service.