Employees State Employees Plan Retirement System Tier IV Retirement System Hybrid Plan Alternate Retirement Program Teachers Retirement System Type of Plan Defined Benefit Defined Benefit with a Defined Contribution Defined Benefit Out” Option “Cash State employees, full-time and Teachers and professional staff Teachers and professional staff State employees in position Eligibility part-time members within CT higher members within CT higher requiring CT teaching certification, education system and central office education system and central office or employees teaching in CT higher of Dept. of Higher Education of Dept. of Higher Education education system (half time or more) (may be limited by collective bargaining agreement) Time for Selection By Election must be made by Election must be made by Election must be made by Election must be made by New Employees first day of employment first day of employment day of employment first day of employment Employee Contribution 5% of compensation (pre-tax) 8% of compensation (pre-tax) 6.5% of compensation (pre-tax) is 7.25% of compensation (pre-tax) Mandatory 1% 1% of compensation Mandatory 1% of compensation the the default option. Can elect to Excludes earnings from coaching, summer school, or non-teaching (pre-tax) to a defined tax to a defined contribution plan. and stay at 5% of compensation contribution plan (pre-tax) Actuarially determined Actuarially determined 6.5% of compensation Actuarially determined Employer Contribution 1% of compensation (pre-tax) to 1% of compensation (pre-tax) to a a defined contribution plan. defined contribution plan. Benefit Calculation Formula based in part on average Formula based in part on average of Based solely on contributions and Formula based on average of 3 of 5 highest years earnings and 5 highest years earnings and years of investment performance of account highest years earnings multiplied by years of service. See summary service. See summary plan years of service. See website description (reference below) plan description (reference (below) for details below) Professionally managed Professionally managed Employee-directed, menu of mutual Professionally managed Investment Method or annuity funds Investment Risk Employer Employer Employee Employer
Plan Employees Retirement System Tier IV State Employees Retirement System Hybrid Plan Alternate Retirement Program Teachers Retirement System Type of Plan Defined Benefit Defined Benefit with a “Cash Out” Option Defined Contribution Defined Benefit Eligibility State employees, full-time and part-time Teachers and professional staff members within CT higher education system and central office of Dept. of Higher Education Teachers and professional staff members within CT higher education system and central office of Dept. of Higher Education State employees in position requiring CT teaching certification, or employees teaching in CT higher education system (half time or more) (may be limited by collective bargaining agreement) Time for Selection By New Employees Election must be made by first day of employment Election must be made by first day of employment Election must be made by day of employment Election must be made by first day of employment Employee Contribution 5% 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-teaching Mandatory 1% of compensation (pre-tax) to a defined contribution plan Mandatory 1% of compensation to a defined contribution plan. the default option. Can elect to and stay at 5% of compensation (pre-tax) Employer Contribution Actuarially determined Actuarially determined 6.5% of compensation Actuarially determined 1% of compensation (pre-tax) to a defined contribution plan. 1% of compensation (pre-tax) to a defined contribution plan. Benefit Calculation Formula based in part on average of 5 highest years earnings and years of service. See summary plan description (reference below) Formula based in part on average of 5 highest years earnings and years of service. See summary plan description (reference below) Based solely on contributions and investment performance of account Formula based on average of 3 highest years earnings multiplied by years of service. See website (below) for details Investment Method Professionally managed Professionally managed Employee-directed, menu of mutual or annuity funds Professionally managed Investment Risk Employer Employer Employee Employer tax
RevisedRetPlnCmpChrtHEd.docx