CT HB05400

Increases employee contribution rates to the Municipal Employees' Retirement Fund in three phases: 5% prior to January 1, 2013; 6% from January 1, 2013; and 7.75% from January 1, 2015 for the portion of pay not subject to Social Security deductions.

Increases contributions on pay subject to Social Security deductions from 2.25% (prior to January 1, 2013) to 3.25% (January 1, 2013), 4.25% (January 1, 2014), and 5% (January 1, 2015).

Reduces the time limit for employees to request withdrawal of contributions from 10 years to 5 years before contributions revert to the fund.

Allows municipalities to recover contributions made on behalf of armed forces members not reemployed within six months of service termination, and for members who withdraw before retirement eligibility.

Effective October 1, 2012, amending Section 7-440 of the general statutes.