Alternate retirement program ct

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Find a vaccination site near you at ct. Employee Benefits Security Administration. The administration oversees regulations; assisting and educating workers, plan sponsors, fiduciaries and service providers; and vigorously enforcing the law.

Higher-Ed Retirees. Municipal Retirees. Probate Retirees. The account ' s value fluctuates according to changes in the value of the investments. Contributions to, and investment earnings accruing in, the account are not taxed until distributed.

Unlike other state pension plans, the ARP requires no vesting period. It is portable, allowing a participant to roll over his or her account balance to another such plan or to an individual retirement account when the employee retires or leaves employment. This portability benefits employees who change jobs and employers several times during their careers.

The state established the ARP on October 1, By law, it is available only to faculty and professional staff members employed within the Connecticut higher education system and to central office staff of the Department of Higher Education DHE. Eligible employees must elect to participate in the ARP within six months after their employment date. The retirement commission contracts with a third-party plan administrator to manage the investment options and other aspects of the ARP.

Contributions are pre-tax. The Internal Revenue Service adjusts the annual contribution limit each year for inflation. The latter two plans are defined benefit plans.

In those plans, members ' monthly retirement benefits are calculated using a formula based on their years of credited service in the system and their average salary in the last years of employment before retirement. Plan Component. Alternate Retirement Plan. Teachers ' Retirement System. Faculty and professional employees of state higher education constituent units and the DHE.

Full and part-time state employees hired after June 30, Public school employees who 1 hold positions requiring a teaching certificate, 2 hold the appropriate certification for the position, and 3 are employed at least half-time. Choice of Investment Options. Employee-directed, menu of mutual or annuity funds. Retirement Qualifications. Early retirement reduction.

Less than 25 years ' service : 0. More than 35 years : add 1. Flexible: lump sum, periodic, or monthly payment. Yes, at any time for service-related disability, after 10 years vesting service for non-service-related disability.

Yes, disability allowance available. Additional employee contributions allowed? Yes, voluntary after-tax contributions allowed. Pre-retirement death benefit. Account balance payable to spouse or named beneficiary, if applicable. Spousal benefit if employee met age and service requirements for immediate retirement or completed 25 years of service any age ; otherwise contributions are refunded. Yes, payment to spouse if employee met age and service requirements; otherwise survivorship benefit is paid.

Purchase of service credit.