CT SB00442

Increases the monthly health insurance subsidy for retired teachers and eligible beneficiaries from $220 to $350 per month, effective July 1, 2022.

Applies the new $350 monthly subsidy to members, spouses, and surviving spouses who have reached Medicare eligibility age, are not eligible for Medicare Part A without cost, and contribute at least $350 per month toward their medical and prescription drug plan.

Maintains the state's obligation to appropriate one-third of subsidy costs to the Teachers' Retirement System board, with 50% of the state's share paid by July 1 and 50% paid by December 1 of each fiscal year (effective July 1, 2018 forward).

Prohibits boards of education from using subsidy payments to reduce premium payments made under any agreement in effect on July 1, 1990.

Takes effect July 1, 2022, and amends Connecticut General Statutes section 10-183t(c).