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:||Human Resources and Payroll Officers|
|SUBJECT:||Alternate Retirement Plan (ARP) transfers to the Hybrid Plan|
I. GENERAL INFORMATION
On November 26, 2014, information regarding an increase to the actuarial cost of transferring from the Alternate Retirement Plan (ARP) to the State Employees Retirement System (SERS) Hybrid Plan was mailed directly to current ARP participants that were participating in ARP on June 30, 2011. A copy of the letter is being provided for your reference.
Although the information in this memorandum is being provided to all state agencies, this transfer opportunity is limited to ARP participants employed in higher education agencies.
II. COST TO TRANSFER FROM ARP TO HYBRID PLAN
ARP participants who choose to transfer to the SERS Hybrid Plan under the SEBAC 2011 provision will be required to pay the full actuarial cost of joining the SERS Hybrid plan and receiving credit for their eligible prior Connecticut state service. The benefit which such participant will receive from the SERS Hybrid Plan will be the same as that payable under the SERS Tier II or Tier IIA retirement plan dependent upon the individual's date of employment.
Based on the recent actuarial valuation, new factors will go into effect January 1, 2015 which will result in transfer costs for applications postmarked on or after January 1, 2015 to increase an average of 3% more. The current factors to transfer from the ARP to Hybrid will remain in place for complete applications postmarked no later than December 31, 2014.
We encourage agencies to review the information available on the Office of the State Comptroller's website concerning the ARP to SERS Hybrid Plan transfer; questions regarding the transfer program may be sent to the Retirement Services Division by email to firstname.lastname@example.org or directed to the Division's Miscellaneous Retirement Systems Unit at 860-702-3508.
STATE EMPLOYEES RETIREMENT COMMISSION
KEVIN LEMBO, SECRETARY EX OFFICIO
Brenda K. Halpin, Director
Retirement Services Division
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