CONNECTICUT STATE EMPLOYEES RETIREMENT SYSTEM TIER III SUMMARY PLAN DESCRIPTION (SPD)

YOUR RETIREMENT
 

RETIREMENT...IT'S NOT SO FAR AWAY

Regardless of your age, you should start thinking about retirement now. You need money to enjoy your retirement years, and that takes careful planning.

Maintaining your pre-retirement living standard usually requires an income from various sources. The State of Connecticut understands this and provides you with retirement benefits through the Connecticut State Employees Retirement System. The State also offers you the option of participation in the Deferred Compensation Plan and 403(b) Program retirement savings plans to supplement your retirement income from the State Employees Retirement System; information on these and other miscellaneous employee benefits can be obtained on the Office of the State Comptroller?s website at osc.ct.gov  under Employees Resources.

The State Employees Retirement System is based on a Connecticut state law enacted in 1939. Since 1939, the law has been changed by legislation and collective bargaining. Current plan provisions are in effect until June 30, 2022 in accordance with the 2011 agreement between the State of Connecticut and the State Employees Bargaining Agent Coalition. You should be aware however that these provisions are subject to change in accordance with any subsequent legislative, collective bargaining or court ordered actions. There are currently six plans - Tier I, Tier II , Tier IIA, Tier III and, for teachers and certain eligible employees in higher education only, the Hybrid Plan and the Alternate Retirement Program.

In this SPD, we describe the System's Tier III retirement plan, which is a contributory defined benefit plan intended to be qualified under section 401(a) of the Internal Revenue Code. Accordingly, Tier III plan members are subject to the defined benefit plan compensation and benefit limitations provided for in the Internal Revenue Code sections 401(a)(17) and 415 (b).

The Tier III Plan is administered by the State Employees Retirement Commission whose members are representatives selected by state employees or their unions, management members appointed by the Governor, and actuaries. The Chair of the Commission is nominated by Commission members and must be authorized to serve as a neutral arbitrator in labor relations cases.

We've described the Tier III Plan in summary form in this SPD. Although retirement plans are by necessity complicated, we have taken care to eliminate legal terms whenever possible and to use everyday language. Also, you'll find a number of examples throughout this SPD to help you understand how the Plan works.

Please read this Tier III description carefully. If you have any questions about the Plan that the SPD does not answer, please visit the Office of the State Comptroller?s website at osc.ct.gov,  contact your employing agency?s Human Resources Office or contact the Retirement Services Division as directed throughout this SPD. Written requests for information may be sent to the Division at the address below; you may also contact the Division by email at osc.rsd@po.state.ct.us.

Important note: This SPD is designed to help you understand your retirement benefits. It summarizes the more important provisions of the Tier III Plan. It is not intended to give you complete details on all Plan conditions. If there is any conflict in wording between the law and this SPD, the official wording of the law will govern.

CONNECTICUT STATE EMPLOYEES
RETIREMENT COMMISSION 

Peter R. Blum, Chair
Robert Baus
Sandra Fae Brown-Brewton
Michael Carey
Charles Casella
Robert Coffey
Richard Cosgrove, Jr.
Thomas P. Culley
James Dzurenda
Paul Fortier
Stephen Greatorex
Sal Luciano
Ronald McLelland
Claude Poulin
Linda J. Yelmini

MEDICAL EXAMINING BOARD
FOR DISABILITY RETIREMENT

Oluremi Aliyu, MD
Douglas D'Andrea, MD
Jayesh Kamath, MD
Catherine Lewis, MD
Wilner Samson, MD
Timothy Silvis, MD Ariane Sirop, MD

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