CT SB00219

Increases member contribution rates to the Municipal Employee Retirement System in three phases: 5% prior to January 1, 2015; 6% from January 1, 2015 to December 31, 2016; and 7.75% from January 1, 2017 onward for contributions not deducted under section 7-453.

Raises contributions to the deducted pay portion (Social Security equivalent) in four phases: 2.25% prior to January 1, 2015; 3.25% from January 1, 2015; 4.25% from January 1, 2016; and 5% from January 1, 2017 onward.

Requires municipalities to forward contributions for members serving in the armed forces during war or national emergency based on the member's pay at time of service entry.

Permits members leaving employment before retirement eligibility to withdraw total contributions plus 5% annual interest, with interest accruing from July 1, 1983 or the first fiscal year following contribution date.

Effective October 1, 2014, amending Section 7-440 of the general statutes.