State Of Connecticut Retirement Division


What Are The Signs Of An Eating Disorder

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Eating disorders involve extreme and dangerous eating habits, including binge eating, purging, and drastic reductions in food intake. Sometimes, eating disorders are severe enough to require emergency care and hospitalization. It can be difficult for family members to detect the signs of an eating disorder because it isn’t unusual for patients to try to hide these behaviors.

State Employees Retirement System

Connecticut’s State Employees Retirement System , the State’s largest retirement system, is a “defined benefit plan” administered by the State Employees Retirement Commission. A defined benefit plan means, upon retirement, an eligible member participating in the SERS will receive a fixed pension benefit that is determined by among other factors the number of years the individual worked for the State of Connecticut and the individual’s final average salary. The SERS is funded with contributions from the State and employees, plus any investment returns generated by the system’s assets.

Although the SERS began providing retirement benefits to its members in 1939, the State adopted a “pay-as-you-go” approach to the system for much of the SERS’ history and inadequately saved for retirement benefits promised to state employees. Instead of “pre-funding,” or contributing to an employee’s pension benefits from the beginning and entirety of his/her employment, the State of Connecticut paid pension benefits to retired SERS members as they came due through annual appropriations.

As a result of this practice, and several other critical factors, the SERS has accumulated nearly $22.3 billion in unfunded liabilities and currently has one of the lowest funded ratios of any state pension system in the nation. The funded ratio refers to the SERS total assets in proportion to its liabilities for future pension benefits to retirees and current state workers.

Irs Cracks Down On Connecticut Pensions Could Place Heavy Burden On Some State Retirees

The Internal Revenue Service has issued rules that will possibly lower pension payouts for some retired Connecticut state employees, or force others to pay money back to the state retirement system, according to a memorandum from the Office of the State Comptroller.

In some cases, the pensioner may see an increase in their pension payment, including retroactive increases.

Under the new Voluntary Compliance Program, implemented in April of 2020, SERS will have to adjust an unknown number of retiree pension payments.

The new rules will end a long-standing conflict between the IRS and the Connecticut State Employee Retirement System, which was paying pensions well in excess of the $230,000 limit outlined by the federal government.

But to whom the new rules apply will depend on a more complicated formula based on the age of the retiree, when they entered the SERS system, when they retired, how much they were paid during state service and how much they receive from their pension.

The implementation of the corrections that are required under the VCP Approval will place a heavy burden on some SERS members, wrote John W. Herrington, Director of the Retirement Services Division for the Office of the State Comptroller.

The implementation of the corrections that are required under the VCP Approval will place a heavy burden on some SERS members.

John W. Herrington, Director of the Retirement Services Division

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The 30th Annual Rich Mauti Tennis Classic At Stone Creek 2017

On March 30th April 2nd 2017, Stone Creek Club & Spa is hosting a charity tennis tournament to help raise funds for cancer research, education, cancer screenings and individual needs in our local community. This special event will kickoff the opening of this spectacular tennis facility at Stone Creek. All funds raised will be…

Final Report On Connecticut State Retirement Systems: Sers And Trs

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The reports key findings are:

  • Connecticuts pension systems for state employees and teachers face large unfunded liabilities, despite recent efforts by the State to fund.
  • A significant source of the problem is the legacy debt built up before the State began pre-funding its pensions in the 1970s.
  • Since pre-funding began, inadequate contributions from the State and low investment returns have added to the problem.
  • One way to address the problem is through a two-step approach:
  • fund ongoing benefits using a level-dollar amortization method over a reasonable rolling period and reduce the long-term assumed return.

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Connecticut State Employee Disability Retirement

About twice per month the retirement services division will hold hearings to determine eligibility for disability retirement. A typical decision will grant or deny a Connecticut worker disability benefits.

The Connecticut state retirement summary plan description and C.G.S. §§ 5-169, 5-192p provide the definition of disability.

Definition of Disability

At first, disabled means you are permanently unable to perform the duties of your job. After you have received disability benefits for 24 months, you are considered disabled only if you are totally unable to work at any suitable and comparable job. Your disability may be service-connected or non-service connected.

The retirement services division can review your claim at any time after you have been granted and hold a continuing disability review. Your income from outside work, current medical records and ALL social media may be brought before the medical examining board for review.

Time Periods Filing Your Claim

The time period for filing an application for disability retirement benefits or petition for service-connected disability retirement shall begin on the day after the applicants last day of paid employment by the State of Connecticut and shall end at close of business on the date that is twenty-four months after the applicants last day of paid employment. Regs. Conn. State Agencies § 5-155a-2.

Waiver of Overpayment

Sec. 5-156c. Erroneous payments adjustment waiver of repayment regulations.

State Family Law And Pensions

Pensions are often more difficult to split than other plans, like the 401. In addition to these general rules on splitting retirement funds, specific state laws may apply to the division of pensions. In Connecticut, three methods are often used to determine both the value and distribution of pension benefits: present value, present division and reserved jurisdiction. The court may also use a different method if it finds it to be more appropriate than any of these three for particular circumstances.

The parties to a divorce can negotiate which division method to apply to their pensions, or if they cannot agree, the judge will have to choose which approach to take.

Under the present value method, the pension funds are valued at the time of the divorce. The employee spouse’s life expectancy, account interest rate and projected retirement date are all taken into consideration to come up with this value. The nonemployee spouse is then granted other marital property to offset the amount of pension benefit to which he or she would have otherwise been entitled. This method provides a clean break, since the valuation and offset can be made prior to finalization of the divorce.

The present division method delays distribution until the pension matures. Instead, the parties negotiate or the judge decides at the divorce trial the percent of the payout each spouse will eventually get. That percentage is then applied closer to the date of retirement. A QDRO is needed for this method.

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About State Of Connecticut:

State of Connecticut – Teacher’s Retirement Board – Retirement Division is located at 950 Main St in Downtown – Hartford, CT – Hartford County and is a government agency specialized in Government. State of Connecticut is listed in the categories State Government, Miscellaneous Government, Government Offices State and Government Offices. After you do business with State of Connecticut, please leave a review to help other people and improve hubbiz. Also, don’t forget to mention Hubbiz to State of Connecticut.

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Pensions Retirement Plans And Divorces Oh My

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Whether belonging to a member of the growing group of baby boomers filing for divorce or to someone who is part of a younger generation, retirement accounts and pensions are often a major consideration when determining how to split marital property.

Retirement accounts are often a major portion of the total assets accumulated throughout a marriage. Common retirement vehicles include pensions and 401 plans. A 401 plan is a tax-friendly account built through employee contributions made from each paycheck and sometimes matched in part by the employer, while a pension is employer funded and pays monthly benefits to a retiree in an amount based on the years he or she worked with a company and the salary earned.

Most people rely on their retirement assets to provide financial security during their golden years. Because of the importance they can play in funding basic needs in retirement, retirement assets can be major points of contention in a divorce negotiation when the parties decide how these assets will be split in the divorce.

If the parties cannot come to a negotiated agreement about how these assets will be split, that decision will be left to the judge.

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Basics Of Splitting Retirement Assets

Entering these conversations with the following in mind can help streamline the process:

  • Usually retirement accounts accumulated during the marriage are considered marital property to be split in divorce even if only one of the spouses earned them.
  • A “qualified domestic relations order” may be needed to split some retirement plans, usually pensions.

A QDRO is a court order that provides instructions to the retirement-account administrator on how to pay benefits to the nonemployee spouse after a divorce. The order is important because it allows the separation and withdrawal of retirement funds without steep tax penalties.

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Roughly 30,000 people work full-time at executive branch agencies in Connecticut, while another 20,000 work for the courts, the General Assembly, hospital systems and the state universities. Those 20,000 were not included in the scope of the report.

Women continue to be underrepresented in certain agencies and divisions such as police services, highway operations, engineering and construction, and one prison included in another report produced by UConn and the State Comptrollers Office. The analysis is based on data pulled in March 2021 of nearly 28,360 full-time state employees who work in executive branch agencies.

The same report found the number newly hired Black and Hispanic women for jobs in male-dominated state agencies is far below their representation in the overall Connecticut population. For example, between March 30, 2020, and March 30, 2021, 3.7% of the new hires were Black women, while they make up about 5% of the population. Hispanic women made up 2.8% of the new hires, despite comprising 7% of the population.

While the total number of white employees in executive branch agencies as a whole continues to exceed the percentage of white residents living in Connecticut a gap that has diminished with new hires the total number of Hispanic state employees is the most underrepresented group. The gap has worsened with new hires, according to the report.

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