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Conn. Gen. Stat. § 5-156a

Funding of retirement system on actuarial reserve basis

Known as the State Employees Retirement Act

The act spans §§ 5–5 (114 sections).

Applied in 1 court decision — leading case Pineman v. Oechslin (1980)

Most recently applied in Pineman v. Oechslin (April 1980)

(1971, P.A. 666, S. 2; 1972, P.A. 71, S. 2; P.A. 75-581, S. 4, 6; P.A. 76-233, S. 1, 2; P.A. 77-390, S. 5, 8; P.A. 78-367, S. 1, 3; P.A. 83-533, S. 4, 54; P.A. 85-422, S. 1, 2; …

(a)(1) The state employees retirement system shall be funded on an actuarial reserve basis. The Retirement Commission shall, on or before December first, annually certify to the General Assembly the amount necessary on the basis of an actuarial determination to gradually establish and subsequently maintain the retirement fund on such determined actuarial reserve basis, and make such other recommendations with regard to such fund and its administration as the commission deems appropriate. The Retirement Commission shall, at least once every two years, prepare a valuation of the assets and liabilities of the system. On the basis of each such valuation, it shall redetermine the normal rate of contribution and, until it is amortized, the unfunded past service liability. The General Assembly shall review the commission's recommendations and certification and shall appropriate to the retirement fund the amount certified by the Retirement Commission as necessary provided said certification is in compliance with this section at the time of certification, and the amount so certified shall not be reduced or used for other than the purposes of this section.

(2) Notwithstanding the provisions of subdivision (1) of this subsection, the Retirement Commission shall not finalize any valuation prepared pursuant to said subdivision, or certify the amount necessary to maintain the retirement fund on an actuarial reserve basis pursuant to said subdivision, until such valuation and certification account for any funds deemed to be appropriated to the State Employees Retirement Fund pursuant to subsection (c) of section 4-30a .

(b) The Retirement Commission shall determine on an actuarial basis (1) a normal rate of contribution which the state shall be required to make into the retirement fund in order to meet the actuarial cost of current service and (2) the unfunded past service liability. For the first sixteen years, the funding program for the actuarial reserve basis shall consist of the following percentages of the sum of normal cost and the amount required for a forty-year amortization of unfunded liabilities:

Official source: Connecticut General Assembly. Reproduced from public-domain Connecticut statutes; confirm against the official source for the current text. Not legal advice.