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CT HB05397
Bill
Status
4/25/2014
Primary Sponsor
Appropriations Committee
Click for details
AI Summary
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Changes the timeframe for deeming Teachers' Retirement System contributions abandoned from 25 years for all members to 10 years for nonvested members and 25 years for vested members.
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Eliminates the requirement to transfer abandoned contributions to the pension reserve account and instead specifies that no further interest shall be credited to abandoned amounts.
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Allows abandoned contributions to be claimed at any time by the entitled person, their estate, or nominated beneficiaries without interest by filing a claim with the retirement board.
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Removes obsolete language referencing transfers to and payments from the pension reserve account.
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Effective July 1, 2014.
Legislative Description
An Act Concerning Interest On Unclaimed Contributions For Inactive Members Of The Teachers' Retirement System And Eliminating Certain Obsolete Language.
Last Action
Senate Calendar Number 491
4/28/2014