CT SB00440

Reduces the pension asset return threshold for teachers' retirement cost-of-living allowances from 8.5% to 6.9% for members who retired before September 1, 1992, capping allowances at 1.5% when returns fall below this threshold (effective July 1, 2020).

Adjusts tiered cost-of-living allowance rates for teachers entering the system on or after July 1, 2007, lowering the return thresholds from 8.5% and 11.5% to 6.9% and 9.9%, respectively, affecting allowance caps of 1%, 3%, and 5%.

Establishes that Connecticut Lottery Corporation online lottery revenue must be directed to the Connecticut Teachers' Retirement Fund Bonds Special Capital Reserve Fund before funds are transferred to the regionalization subaccount within the regional planning incentive account (effective upon passage).

Requires lottery online revenue exceeding debt-free community college program costs to be reserved for the Teachers' Retirement Fund Bonds Special Capital Reserve Fund or designated for regionalization initiatives if online offerings are not established.