MEDICAL EXAMINING BOARD
For DISABILITY RETIREMENT
|55 ELM STREET
Telephone (860) 702-3480
Facsimile (860) 702-3489
|STATE OF CONNECTICUT|
RETIREMENT SERVICES DIVISION
OFFICE OF THE STATE COMPTROLLER
|ATTENTION:||All Human Resources and Payroll Officers|
|SUBJECT:||Revised SEBAC 2011 Option to Retain Normal Grandfathered Retirement Date|
Revisions are in bold print
The purpose of this memorandum is to notify agencies of the procedures for
the implementation of the SEBAC 2011 Agreement provision for current Tier II and
Tier IIA non-hazardous duty or Hybrid members of the State Employees Retirement
System to choose to retain a grandfathered normal retirement date.
II. GENERAL INFORMATION
Prior to the SEBAC 2011 agreement, Normal Retirement Age was 60 with 25 years of service or 62 with 10 years of service for Tier II and Tier IIA non-hazardous duty members. Pursuant to the SEBAC 2011 Agreement and Item 1707-E for employees exempt from collective bargaining, this will change for all employees not retired by July 1, 2022 who have not already attained their Normal Retirement Age. For affected employees, the new retirement age will be age 63 with 25 years of service or age 65 with 10 years of service.
The Agreement and, by extension Item 1707-E included a provision for a one time irrevocable option to enable affected members to grandfather their normal retirement date as long as they pay the full actuarial cost for this benefit.
All Agencies have been mailed a list under separate cover of all Tier II or Tier IIA non-hazardous duty members that were employed as of June 30, 2011 and a copy of an Important Notice to provide to each of the identified members as well as any additional employees they identify as eligible. Affected Agencies have been provided a list of Hybrid members via email. A revised Important Notice is attached and must be provided to each of the identified members as well.
III. SPECIFIC INFORMATION FOR COMPLETION OF FORM CO-1094
All affected members must complete the (CO-1094) form to indicate whether or not they choose to retain the grandfathered normal retirement date. An authorized agency signature must accompany the member's election and the additional percentage calculated must be reviewed by the agency if appropriate. The member must complete and sign the form prior to 7/1/2013. The form may be found on the State Comptroller's website at http://www.osc.ct.gov/ via a red hotlink button. The revised and expanded FAQ's are also accessible through this link and an online calculator has been included as well. Any employee that has already completed the form CO-997 must discard it and complete the new CO-1094 due to a revision. Any CO-997's already received by the Retirement Services Division will be returned to the agency.
Please ensure that all Tier II and Tier IIA non-hazardous duty and Hybrid members of the State Employees Retirement System that were employed prior to 7/1/2011 receive the notice and form. Agencies should forward the forms to the Retirement Division Database Unit as they are completed. Forms must be received by 7/5/2013 otherwise the form may not be processed on time and the employee may be subject to mandatory retroactive contributions. Any questions concerning the information provided herein may be sent to the Retirement Services Division by email to email@example.com
Very truly yours,
STATE EMPLOYEES RETIREMENT COMMISSION
KEVIN LEMBO, SECRETARY EX OFFICIO
Brenda K. Halpin, Director
Retirement Services Division
You are receiving this notice because you have been identified as a non-hazardous duty participant in either SERS Tier II or SERS Tier IIA or Hybrid Retirement Plan who was employed prior to July 1, 2011 and are still actively employed. The opportunity described below should only be considered if you will not reach your Normal Retirement Date prior to July 1, 2022, you anticipate retiring on or after July 1, 2022 and would like to retain the current Normal Retirement Date (NRD) after that date.
Beginning July 1, 2022 Normal Retirement Date will be raised to age 63 with 25 years of service or age 65 with 10 years of service. It is raised for anyone employed on or after July 1, 2022, that had not previously attained their Normal Retirement Date. The higher normal retirement ages apply only to years of service worked on or after 7/1/2011. This letter explains an opportunity for eligible members to make a one-time irrevocable option to retain a normal retirement date of age 60 with 25 years of service or age 62 with 10 years of service. Choosing this option will require an additional contribution on a continual basis beginning the first full pay period following 7/1/2013 through separation from service or until you reach the new retirement age.
You are eligible for this one-time irrevocable opportunity if you are a current, active member of the above groups and were employed prior to July 1, 2011 and will not reach your Normal Retirement Date until July 1, 2022 or after.
All employees who will not have already attained their Normal Retirement Date by July 1, 2022 are required to complete the Option to Retain Grandfathered Normal Retirement Date for the State Employees Retirement System form (CO-1094) in order to opt in or waive this opportunity. Please obtain this form at your Human Resources office or by visiting the State Comptroller's website at http://www.osc.ct.gov/ and clicking on the red hotlink button. Additionally, a comprehensive list of FAQ's and an online calculator are also available through this link.
The forms must be completed and signed prior to July 1, 2013 and returned to
your Human Resources Office. Should you need assistance in completing this form,
please contact your authorized Human Resources Officer. Once we receive your
paperwork for this election it cannot be revoked for any reason.
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