Important Information About Your Statement

Generally Speaking-

The  information on your statement is based on personal data supplied by the Connecticut State Employees Retirement Commission. 

About Your Retirement Benefits...

The retirement benefits shown on this statement assume that all years of plan service you have at retirement will be as a State Employees Retirement System (SERS) member. If you have periods of service in another Retirement System, please consult that system for details.

The benefit estimates for the Payment Options shown on page 5 of this statement in the section entitled "Your Retirement Benefits" are for illustrative purposes only. At retirement, you must choose the form of payment which best suits your personal needs unless you are one of the few members who retained a pre-October 1982 spouse option. The figures reflect the assumptions that you will work and participate in the Retirement Plan on a continuous and full-time basis from the employment date shown until the age indicated and that you arc married to a spouse the same age as you are. These amounts are intended to familiarize you with the optional forms of payment available at retirement; they do not portray actual benefits. Additional service credit, breaks in service, leaves without pay, and part-time service will affect the amounts shown. In most cases, so will the age at which you retire and the age of your spouse or other contingent annuitant. You should not act in reliance on the amount of the benefits indicated without verification of the amount of such benefits. When you retire, your actual service credit and average salary will be determined precisely and used to calculate your retirement benefit.

At retirement, you have the following payment options available to you:

* Straight Life Annuity - provides you with the highest monthly benefit for life. All payments stop at your death. If you were a contributing member and your death occurs before all your contributions and awarded interest have been exhausted, a lump sum payment will be made to your designated beneficiary.

 

* 50% Spouse - provides a reduced monthly benefit to you for life. After your death, 50% of that benefit will continue for the lifetime of your spouse (contingent annuitant).

 

* Contingent Annuitant - provides continuing income after your death to the contingent annuitant you choose. Your contingent annuitant can be any person, including your spouse. You receive a reduced monthly benefit for life. After your death, a percentage of that benefit, either 50% or 100% (whichever you choose), continues for the lifetime of your contingent annuitant.

 

* 10 Year or 20 Year Period Certain - provides a reduced monthly benefit during your lifetime with payments guaranteed from your retirement date for 10 or 20 years (whichever you choose). If you die before 120 payments (10 years) or 240 payments (20 years) are made, the remaining payments are paid to your contingent annuitant(s). This is the only payment form which allows you to name more than one contingent annuitant, each of whom would share the remaining monthly payments equally.

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If you have been married for at least one year prior to the commencement of your retirement benefits, written consent from your spouse will be required if you do not provide a lifetime (50% or 100%) option for that spouse.

If you elect the straight life annuity option, at the time of your death not only do all pension payments stop, but health insurance through the State Employees Retirement System also ends for any dependents you were covering.

If you elect the 50% Spouse, Contingent Annuitant, or a 10 Year or 20 Year Period Certain Option, the State-sponsored health coverage may be extended at the time of your death to your designated contingent annuitant(s) and his or her eligible dependents for as long as the monthly benefit continues provided certain conditions are met.

An option should be chosen with care since it cannot be changed after retirement benefits commence.

If you Become Seriously ill or Injured While in State Service-

Should you become seriously ill, injured, or have a life threatening condition, you or someone on your behalf should contact the Retirement & Benefit Services Division's Counseling Services Unit as soon as possible to ensure receipt of benefit if eligible. Contact with the Counseling Services Unit may be made directly or through your employing agency.

About Social Security-

For a complete picture of your benefits at the time of your retirement, we realize that it is important to know what benefits might be payable from Social Security. However, accurate Social Security benefit estimates may only be supplied by the Social Security Administration.

The Social Security Administration has begun sending a Social Security Statement automatically to workers age 25 or older who are not currently receiving benefits. Your statement will arrive about 90 days before your next birthday. You also may request a statement at anytime by calling the Social Security Administration at 1-800-772-1213 and asking for Form SSA-7004. Upon receiving the form, complete and mail it, and a statement will be sent to you in two to three weeks. Making certain your Social Security record is properly credited is important to you and your family.

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