HB 5515 Summary

• Establishes the Connecticut Municipal Employees Retirement Commission effective January 1, 2025, to oversee the Policemen and Firemen Survivors' Benefit Fund and the municipal employees' retirement system.

• Commission structure includes the State Comptroller (chair, non-voting), State Treasurer (non-voting), four employee trustees, four employer trustees, two actuarial trustees, and one neutral chairperson with casting vote authority.

• State Comptroller provides administrative support and secretariat functions through the Retirement Services Division; the State Treasurer acts as fiduciary and asset manager for all retirement system funds.

• Creates a municipal defined contribution retirement plan under State Comptroller administration, allowing municipalities to adopt the plan and transfer existing defined contribution accounts.

• Allows retired municipal employees who accept employment with non-participating municipalities or the state to continue receiving retirement benefits and earn additional pension credits.