State Employees’ Retirement Commission | 7-442a-1 to 7-442a-4 - Transfer of Retirement Credit Between Municipalities Under Section 7-442a

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Regulations of Connecticut State Agencies TITLE 7. Municipalities

Agency State Employees’ Retirement Commission

Subject Transfer of Retirement Credit Between Municipalities Under Section 7-442a

Inclusive Sections §§ 7-442a-1—7-442a-4

CONTENTS

Sec. 7-442a-1. Definition Sec. 7-442a-2. Liability of second municipality Sec. 7-442a-3. Liability of first municipality. Charging of member’s retirement

allowance Sec. 7-442a-4. Withdrawal of department from fund

Revised: 2015-3-6 R.C.S.A. §§ 7-442a-1—7-442a-4 - I -

Regulations of Connecticut State Agencies TITLE 7. Municipalities

State Employees’ Retirement Commission §7-442a-4

Transfer of Retirement Credit Between Municipalities Under Section 7-442a

Sec. 7-442a-1. Definition With respect to a member of the Connecticut municipal employees’ retirement fund

whose retirement credit in said fund is transferred from one to another municipality participating in said fund under the provisions of section 7-442a of the 1969 supplement to the general statutes, or of any special act, “first municipality” and “second municipality” as used in sections 7-442a-2 to 7-442a-4, inclusive, shall respectively mean such municipalities from and to which such credit is transferred. (Effective September 9, 1969)

Sec. 7-442a-2. Liability of second municipality If the amount of future pensions of such member is changed by such transfer, the state

employees retirement commission shall determine on sound actuarial principles the respective amounts necessary (1) before and (2) after such transfer for the payments of future pensions based upon the service of the member prior to such transfer. The second municipality shall be liable to the fund for any excess of (2) over (1), payable in the manner provided in subsection (a) of section 7-441 of the 1969 supplement to the general statutes. (Effective September 9, 1969)

Sec. 7-442a-3. Liability of first municipality. Charging of member’s retirement allowance

The amount payable by the first municipality under subsection (a) of section 7-441 of the 1969 supplement to the general statutes shall not be changed by reason of such transfer. If the transfer is between a municipality participating in Fund A and one participating in Fund B, or vice versa, as soon as is practicable after such transfer, the state treasurer shall transfer to the fund in which the second municipality participates an amount of the assets of the fund in which the first municipality participates equal to the lesser of (1) and (2) as defined in section 7-442a-2. The member’s contributions made before the date of transfer are deemed to be included in the foregoing amount. The member’s entire retirement allowance shall be charged to the second municipality. (Effective September 9, 1969)

Sec. 7-442a-4. Withdrawal of department from fund If the department of the first municipality in which the member is employed is withdrawn

from the fund subsequent to the transfer under the provisions of section 7-444 or 7-474 of the general statutes, as amended, either before or after the retirement of the member, the refund to the first municipality under the provisions of said section 7-444 shall be reduced by any amount transferred under section 7-442a-3. (Effective September 9, 1969)

Revised: 2015-3-6 R.C.S.A. §§ 7-442a-1—7-442a-4 - 1 -