State of Connecticut -RETIREMENT & BENEFIT SERVICES DIVISION MEMORANDUM 2003 Early Retirement Incentive Program for Employees Participating in the State of Connecticut Deferred Compensation (457) Plan and 403(b) Program
STATE EMPLOYEES
RETIREMENT COMMISSION
COMPTROLLER'S SEAL STATE OF CONNECTICUT 55 ELM STREET
HARTFORD, CONNECTICUT
06106-1775
TELEPHONE: (860) 702-3480
TELEFAX:(860) 702-3489
MEDICAL EXAMINING BOARD
for DISABILITY RETIREMENT
HEALTH CARE COST
CONTAINMENT COMMITTEE
STATE OF CONNECTICUT
RETIREMENT AND BENEFIT SERVICES DIVISION
OFFICE OF THE STATE COMPTROLLER

RETIREMENT & BENEFIT SERVICES DIVISION MEMORANDUM

March 14, 2003

TO THE HEADS OF ALL STATE AGENCIES

ATTENTION: All Personnel and Payroll Officers
SUBJECT: 2003 EARLY RETIREMENT INCENTIVE PROGRAM FOR MEMBERS OF THE STATE EMPLOYEES RETIREMENT SYSTEM - DEFERRAL PROVISIONS AND PROCEDURES

Retirement & Benefit Services Division (Division) Memorandum dated March 7, 2003 discussed the requirements that must be met by members of the State Employees Retirement System (SERS) in order to participate in the 2003 Early Retirement Incentive Program (Program). One such requirement is that SERS members must elect to retire on or before June 1, 2003 and their applications must be received by the Division prior to the retirement date selected.

As referenced in the March 7, 2003 memorandum, the Program contains a special provision for SERS hazardous duty members and SERS members employed at the budget division within the Office of Policy and Management (OPM); their retirements may, with their consent, be deferred by the State on a case by case basis to not later than June 1, 2004. Requests to defer retirement shall be made by the agency in writing to the member with copies to the appropriate bargaining unit. This deferral provision, however, does not excuse such SERS members from the requirement that they be eligible for and elect to retire under the Program on or before June 1, 2003. With respect to hazardous duty employees, this means that as of June 1, 2003, they must have twenty or more years of retirement credit for qualifying hazardous duty service, exclusive of the incentive chips provided by the Program, at any age. With respect to employees of the budget division within OPM, this means that as of June 1, 2003, they must be at least age fifty-two with ten years of actual state service credited in SERS exclusive of the incentive chips provided by the Program.

Obviously, for employees whose effective retirement dates are being deferred, it would be impractical to mandate that all paperwork associated with the retirement application process be submitted to the Division prior to June 1, 2003. Accordingly, the purpose of this communication is to direct that Form CO-1101 (Rev. 3/03), a copy of which is attached hereto for agency reproduction and use, be completed for every hazardous duty member and employee of the budget division within OPM whose effective retirement date is being deferred by the State under the Program.

These completed forms will be utilized by the Division for the purpose of (1) establishing that the member applies for participation in the Program before June 1, 2003, and (2) documenting the state's decision to defer such retirements to not later than June 1, 2004.

For each hazardous duty member and employee of the budget division within OPM whose effective retirement date is being deferred under the Program, a completed Form CO-1101 must be submitted to the Division on or before May 30, 2003; absent timely submission of a completed Form CO-1101, benefits will not be paid under the Program.

As detailed on pages nine and ten of the aforementioned March 7, 2003 memorandum, the paperwork required to process a retirement application must be completed and submitted to the Division prior to the date to which the SERS member's effective date of retirement has been deferred; for example, the completed paperwork for an October 1, 2003 retirement must be delivered to the Division no later than the close of business on September 30, 2003. And, for each deferred retirement under the Program, please print "DEFERRED" in red ink across the top of the "Application for Retirement", Form CO-898, and include the three incentive years as outlined in the aforementioned memorandum.

Finally, remember that for any hazardous duty member or employee of the budget division within OPM whose effective date of retirement is not being deferred under the Program, all paperwork must be on file with the Division prior to either April 1, 2003, May 1, 2003 or June 1, 2003, whichever date has been elected by the participant.

Very truly yours,

STATE EMPLOYEES RETIREMENT COMMISSION
NANCY WYMAN, SECRETARY EX OFFICIO

BY:

Steven Weinberger, Director
Retirement and Benefit Services Division

SW/SG/la

Attachment 

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