SEBAC 2011 Option to Retain Grandfathered Normal Retirement Date for the State Employees Retirement System STATE OF CONNECTICUT OFFICE OF THE STATE COMPTROLLER RETIREMENT SERVICES DIVISION CO-997 New 1/2013 Page 1 of 3 The 2011 SEBAC Agreement (Agreement) provided current Tier II or Tier IIA non-hazardous duty State Employees Retirement System (SERS) members who will be employed on or after 7/1/2022 the opportunity for a one-time irrevocable election to retain that normal retirement age for the full actuarially valued cost. This election has no bearing on early retirement provisions. Prior to the Agreement, normal retirement eligibility was age 60 and 25 years of Vesting Service or age 62 and 10 years of Vesting Service. The Agreement changed normal retirement eligibility for Tier II and Tier IIA members who have not yet attained their normal retirement eligibility and retire on or after 7/1/2022 to age 63 and 25 years of Vesting Service or age 65 and 10 years of Vesting Service. Who is Eligible for this Election: All current, active Tier II and Tier IIA members who were employed prior to July 1, 2011. Time Period for Election: Eligible employees must make their irrevocable election by July 1, 2013. Employee Instructions: Employees must calculate their additional contribution via the table on this form. This figure must be validated by an authorized agency employee. Note: This election is irrevocable. This means that, once this form is received by the Retirement Services Division, this election cannot be revoked for any reason. The additional contributions will be deducted from your paycheck beginning with the first full pay period following 7/1/2013 and will not stop until you separate from state service or attain your grandfathered retirement age, whichever is sooner. If you terminate with vested benefits prior to your grandfathered retirement age before 7/1/2022, you will FORFEIT these additional contributions. This means that your additional contributions will NOT be returned to you. If you terminate with vested benefits prior to your grandfathered retirement age after 7/1/2022, you will receive your excess contributions WITHOUT INTEREST and be subject to the new retirement age. If you maintain employment to the new retirement age, your excess contributions WITHOUT INTEREST will be returned to you upon reaching that age. Please calculate your additional contribution according to the table below and enter the percentage in Section III of this form. Should you need assistance, please contact your Human Resources department. Choose which question pertains to you and then find the appropriate date in the chart. If you will have 25 years of service prior to turning age 62 What is the first of the month following attainment of age 60 and 25 years of service? OR If you will not have 25 years of service prior to turning age 62 What is the first of the month following your 62nd birthday? Eligibility Date Jul-2022 Aug-2022 Sep-2022 Oct-2022 Nov-2022 Dec-2022 Jan-2023 Feb-2023 Mar-2023 Additional Contribution 0.02% 0.04% 0.06% 0.08% 0.10% 0.12% 0.14% 0.16% 0.18% Eligibility Date Apr-2023 May-2023 Jun-2023 Jul-2023 Aug-2023 Sep-2023 Oct-2023 Nov-2023 Dec-2023 Additional Contribution 0.20% 0.22% 0.24% 0.26% 0.28% 0.30% 0.32% 0.34% 0.36% Eligibility Date Jan-2024 Feb-2024 Mar-2024 Apr-2024 May-2024 Jun-2024 Jul-2024 Aug-2024 Sep-2024 Additional Contribution 0.38% 0.40% 0.42% 0.44% 0.46% 0.48% 0.50% 0.52% 0.54% Eligibility Date Oct-2024 Nov-2024 Dec-2024 Jan-2025 Feb-2025 Mar-2025 Apr-2025 May-2025 June 2025+ Additional Contribution 0.56% 0.58% 0.60% 0.62% 0.64% 0.66% 0.68% 0.70% 0.72% SEBAC 2011 Option to Retain Grandfathered Normal Retirement Date for the State Employees Retirement System STATE OF CONNECTICUT OFFICE OF THE STATE COMPTROLLER RETIREMENT SERVICES DIVISION CO-997 New 1/2013 Page 2 of 3 If you wish to waive your right to make this irrevocable election to retain the grandfathered Normal Retirement Date, complete Sections I, II, and IV of this form. Section V must be completed by a notary public for either election. Employing Agency Instructions: An authorized agency staff member must sign in either Section III or Section IV. If the employee is opting to grandfather their Normal Retirement Date, the authorizing agency staff member must validate the percentage entered to be deducted in Section III. The completed form and all required documentation should be forwarded to the Retirement Services Division, Database Unit, 55 Elm Street, Hartford, CT 06106. The Agency should retain one copy and provide one copy to employee. I. EMPLOYEE PERSONAL INFORMATION EMPLOYEE NAME (Last, First, M.I.) EMPLOYEE NO. LAST 4 DIGITS OF SOCIAL SECURITY NUMBER DATE OF BIRTH EMPLOYEE'S HOME ADDRESS (Street No., Name) (City, State, Zip Code) MARITAL STATUS MARRIED DATE OF MARRIAGE SEX MALE FEMALE NAME OF SPOUSE SINGLE II. EMPLOYMENT INFORMATION EMPLOYING AGENCY AGENCY ADDRESS EMPLOYMENT DATE EMPLOYMENT STATUS Full-time Part-time III. MEMBER'S REQUEST TO OPT FOR GRANDFATHERED NORMAL RETIREMENT DATE By completing and signing this form, I hereby certify that this is a one-time election and that my choice to retain my grandfathered normal retirement age for the full actuarially valued cost is irrevocable, that is, I must continue to pay the additional contribution until I separate from service or attain my grandfathered retirement age, whichever is sooner. By completing and signing this form, I further acknowledge that should I leave after I become vested but prior to 2022, I will forfeit my additional contributions. I also understand that should I work until my new retirement age, I will be refunded my additional contributions without interest. PERCENT TO BE DEDUCTED FROM WAGES: (calculated from chart) % EMPLOYEE'S SIGNATURE AUTHORIZED AGENCY SIGNATURE (& TITLE) DATE PHONE DATE STATE OF CONNECTICUT OFFICE OF THE STATE COMPTROLLER RETIREMENT SERVICES DIVISION SEBAC 2011 Option to Retain Grandfathered Normal Retirement Date for the State Employees Retirement System CO-997 New 1/2013 Page 3 of 3 IV. MEMBER'S OPPORTUNITY WAIVER STATEMENT By completing and signing this form, I hereby certify that I had the opportunity to retain my grandfathered retirement date pursuant to the SEBAC 2011 Agreement. By completing and signing this form, I further acknowledge that this is a one-time, irrevocable option and that my choice to waive my right to purchase my grandfathered retirement date is irrevocable; that is I am subject to the new retirement provisions of the Agreement. EMPLOYEE'S SIGNATURE DATE AUTHORIZED AGENCY SIGNATURE (& TITLE) PHONE DATE V. NOTARY CERTIFICATION I hereby certify and affirm this form was signed by the person whose signature appears in either Section III or Section IV of this form. Signed and sworn before me this _________ day of ____________________ , ___________ Signature of Notary Public: ____________________________________________________ State: Town: SEAL HERE My commission expires OSC USE ONLY REVIEWED BY: PERCENTAGE: ENTERED BY: Option to Retain Grandfathered Normal Retirement Date for the State Employees Retirement System Q & A's Question Answer What does grandfathered normal retirement date mean? This is the normal retirement eligibility date prior to SEBAC 2011. It was either age 60 and 25 years of service or age 62 with 10 years of service. What if I leave and defer my retirement date? The post 2022 retirement age and service will apply. If you leave prior to 7/1/2022 you will also forfeit your additional contributions. Does this election have any impact on my early retirement date? No, the SEBAC 2011 agreement only allows for the ability to retain your normal retirement date. What if I have already reached normal retirement age by 7/1/2022 but still keep working? You will retain that normal retirement age and NOT be subject to the post 2022 retirement age. What happens if I make this election and want to retire early? You will lose the grandfathered normal retirement date. Your early retirement reduction will be based on the post 2022 normal retirement age and service. If you leave prior to 7/1/2022 you will also forfeit your additional contributions. What happens if I make this election and then stay past my grandfathered normal retirement date? If you stay past the grandfathered normal retirement date and stay until your post 2022 normal retirement date, you will receive all of your additional contributions back but without interest. If you leave after your grandfathered normal retirement date but prior to your post 2022 normal retirement date, you will not receive your contributions back but your benefit will be calculated under the grandfathered normal retirement date provisions. For how long will these additional contributions be deducted out of my paycheck? The contributions will continue as long as you are in state service until you reach your grandfathered normal retirement age. If you continue employment beyond that date, the contributions will stop.
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