Plan - Kevin Lembo



6597653844925005607050622236500PlanState EmployeesRetirement System Tier IVState EmployeesRetirement System Hybrid PlanAlternate Retirement ProgramTeachers Retirement SystemType of PlanDefined BenefitDefined Benefit with a“Cash Out” OptionDefined ContributionDefined BenefitEligibilityState employees, full-time andpart-timeTeachers and professional staffmembers within CT higher education system and central office staff of Dept. of Higher EducationTeachers and professional staffmembers within CT higher education system and central office staff of Dept. of Higher EducationState employees in positionrequiring CT teaching certification, or employees teaching in CT higher education system (half time or more)(may be limited by collectivebargaining agreement)Time for Selection ByNew EmployeesElection must be made byfirst day of employmentElection must be made byfirst day of employmentElection must be made byfirst day of employmentElection must be made byfirst day of employmentEmployee Contribution5% of compensation (pre-tax) 1%8% of compensation (pre-tax)6.5% of compensation (pre-tax) is the 7.25% of compensation (pre-tax)Excludes earnings from coaching, summer school, or non-teachingMandatory 1% of compensation (pre-tax) to a defined contribution plan Mandatory 1% of compensation pre-tax to a defined contribution plan. the default option. Can elect to opt-out and stay at 5% of compensation (pre-tax)Employer ContributionActuarially determined Actuarially determined 6.5% of compensationActuarially determined1% of compensation (pre-tax) to a defined contribution plan.1% of compensation (pre-tax) to a defined contribution plan.Benefit CalculationFormula based in part on averageof 5 highest years earnings and years of service. See summary plan description (reference below)Formula based in part on average of5 highest years earnings and years of service. See summary plan description (reference below)Based solely on contributions andinvestment performance of accountFormula based on average of 3highest years earnings multiplied by years of service. See website(below) for detailsInvestment MethodProfessionally managedProfessionally managedEmployee-directed, menu of mutualor annuity fundsProfessionally managedInvestment RiskEmployerEmployerEmployeeEmployer659765263334500659765606361500PlanState EmployeesRetirement System Tier IVState EmployeesRetirement System Hybrid PlanAlternate Retirement ProgramTeachers Retirement SystemEarliest BenefitEligibilityAge 58 + 10 years vesting serviceAge 58 + 10 years vesting serviceAge 55 (applies to employees with 5or more years of participation)20 years of service (15 in CT), age5525 years of service (20 in CT), any ageNormal RetirementAgeAge 63, 25 years vesting serviceAge 65, 10 years vesting serviceAge 63, 25 years vesting serviceAge 65, 10 years vesting serviceAge 65Age 60 + 20 years of CT service35 years service (25 in CT), any ageDisability RetirementYes, at any time forservice-related disability, need 10 years vesting service if not service-relatedYes, at any time for service-relateddisability, need 10 years vesting service if not service-relatedNo, employer-provided disabilityinsurance policies may continue13% contributions to plan during disabilityYes, disability allowance availableMinimum VestingPeriod10 years vesting service10 years vesting serviceNone10 years CT serviceBenefit FormLifetime monthly benefitpaymentLifetime monthly benefit paymentOROne-time lump sum “cash out” optionFlexible (lump sum, periodic, ormonthly payment)Monthly benefit payment Cost of LivingAdjustmentsYesYes, if elect lifetime monthlybenefit paymentNot applicableYesCan employee make additionalcontributions?No No NoYes, into Voluntary Account(after tax only) PlanState EmployeesRetirement System Tier IVState EmployeesRetirement System Hybrid PlanAlternate Retirement ProgramTeachers Retirement SystemPre-retirement deathSpousal benefit if employee metSpousal benefit if employee met age Account balance payable to spouseYes, spousal benefit payable ifbenefit?age and service required for immediate retirement or completed 25 years service (atand service required for immediate retirement or completed 25 years service (at any age); otherwiseor named beneficiary, as applicableemployee met age and service requirements for retirement; otherwise survivorship benefits willany age); otherwise contributions contributions are refunded are refundedbe paidPurchase of service creditAllowed (restrictions apply) See summary plan description (reference below)Allowed (restrictions apply) See summary plan description (reference below)Not applicableAllowed (restrictions apply)Rollovers from other retirement plansNot allowedNot allowedAllowedNot allowedLimit on wages used to $270,000 (2017)$270,000 (2017)$270,000 (2017)$270,000 (2017)calculate contributionsEmployee Social Security + Medicare ParticipationBothBothBothMedicare onlyPortabilityNoneNoneYes, if employee separates from service before 5 years of plan participationNoneFor more information Not yet availableNot yet available(Click on ARP Plan)Teachers Retirement Board trb osc.rbsd/stateretire.htm640715225552000 ................
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