CT SB00405

Changes actuarial valuation frequency for the Teachers' Retirement System from biennially (every two years) to annually, effective July 1, 2022.

Requires actuarial valuations to be completed prior to December first each year, determining employer contributions needed to meet current service costs and unfunded accrued liability.

Board must employ actuaries with Society of Actuaries fellows on staff to conduct valuations of system assets and liabilities based on reasonable actuarial assumptions.

Maintains existing governance structure of the Teachers' Retirement Board, including three ex officio voting members (Treasurer, Secretary of Office of Policy and Management, and Commissioner of Education) and elected member representatives.