Connecticut 2018 Regular Session Status: In Committee Bipartisan · 13 D · 1 R cosponsors

HB 5430 — AN ACT CONCERNING TEACHERS' RETIREMENT SYSTEM CONTRIBUTIONS.

Last action — FILE NO. 638

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  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed House
  4. 4
    Passed Senate
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 2018 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Bill Text

What changed in the latest version

3 added · 4 removed

Plain-language change summary

The amendment changes the rate of members' regular contributions to the teachers' retirement system from seven percent to six percent. This reduction in contributions will necessitate a revised actuarial valuation to reflect the new contribution rate.

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1363   *01363_______FIN* Referred to Committee on FINANCE, REVENUE AND BONDING   Introduced by:
1363   *_____HB05430FIN___040618____* Referred to Committee on FINANCE, REVENUE AND BONDING   Introduced by:
3 from passage New section Statement of Purpose:
3 from passage New section FIN Joint Favorable  
To reduce the rate of members' regular contributions to the teachers' retirement system from seven per cent to six per cent and require a corresponding revised actuarial valuation.
[Proposed deletions are enclosed in brackets.
Proposed additions are indicated by underline, except that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not underlined.]
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How this bill changes current law

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AI-generated reading aid from the bill's amendatory text — verify against the official bill.

The bill reduces the rate of regular contributions to the teachers' retirement system from seven percent to six percent.

  • 10-183b(7)

    [Prior to July 1, 1989, "mandatory contributions" are contributions required to be withheld under this chapter and consist of five per cent regular contributions and "one per cent contributions". From July 1, 1989, to June 30, 1992, "mandatory contributions" are contributions required to be withheld under this chapter and consist of five per cent regular contributions and one per cent health contributions. From July 1, 1992, to June 30, 2004, "mandatory contributions" are contributions required to be withheld under this chapter and consist of six per cent "regular contributions" and one per cent health contributions. On and after] From January 1, 2018, to June 30, 2018, "mandatory contributions" are contributions required to be withheld under this chapter and consist of seven per cent "regular contributions" and one and one-fourth per cent health contributions. → From July 1, 2018, "mandatory contributions" are contributions required to be withheld under this chapter and consist of six per cent regular contributions and one and one-fourth per cent health contributions.

    This change alters the rate of mandatory regular contributions for teachers from seven percent to six percent starting July 1, 2018.

  • 10-183z(a)

    [For the fiscal year ending June 30, 2020, and each fiscal year thereafter, the retirement board shall, in making such actuarial determination, assume that the amount of the contributions required to be withheld under this chapter is six per cent "regular contributions" instead of seven per cent "regular contributions".]

    This change removes the previous assumption of seven percent for contributions in future actuarial determinations, aligning it with the new lowered rate.

  • (1) request a revised actuarial valuation for the fiscal year ending June 30, 2019, based on the mandatory contribution percentage for the fiscal year ending June 30, 2019, required under subdivision (7) of section 10-183b of the general statutes, as amended by this act, and (2) certify to the General Assembly for said fiscal year the amount necessary, based on such revised actuarial valuation, to maintain the Teachers' Retirement Fund on an actuarial reserve basis.

    This new requirement mandates the Teachers' Retirement Board to obtain an updated actuarial valuation based on the new contribution rate.

Action History

  1. FILE NO. 638

  2. HOUSE CALENDAR NUMBER 418

  3. FAV. RPT., TABLED FOR HOUSE CALENDER

  4. RPTD. OUT OF LCO

  5. REFERRED TO Office of Legislative Research AND Office of Fiscal Analysis 04/23/18

  6. FILED WITH LCO

  7. Joint Favorable

  8. PUBLIC HEARING 0316

  9. REF. TO JOINT COMM. ON Finance, Revenue and Bonding

Sponsors

Sponsorship breakdown

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37 sponsors · 0 co-sponsors · 150 not signed on

Sponsors (37)

Co-sponsors (0)

None.

Not signed on (150)

150 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

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Frequently asked questions

Who sponsors HB 5430?
HB 5430 is sponsored by Devlin, Laura M., Aresimowicz, Joe, Byron, Gary, Orange, Linda A., Riley, Emmett D., Gerratana, Terry B., McCrory, Douglas, Hampton, John K., Young, Philip L., Slap, Derek, Lesser, Matthew, Albis, James M., Morin, Russell A., Perillo, Jason, Arconti, David, Winkler, Michael, Kissel, John A., Frey, John H., Tercyak, Peter A., Altobello, Emil, Hennessy, John "Jack" F., Ryan, Kevin, Joshua M. Hall (Democratic), Gregory Haddad (Democratic), Hilda E. Santiago (Democratic), Patrick S. Boyd (Democratic), Bob Godfrey (Democratic), Larry B. Butler (Democratic), Joseph P. Gresko (Democratic), Dave W. Yaccarino (Republican), Bobby G. Gibson (Democratic), Josh Elliott (Democratic), Henry J. Genga (Democratic), Susan M. Johnson (Democratic), Liz Linehan (Democratic), and Marilyn Moore.
What is the current status of HB 5430?
This bill died with 2018 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HB 5430?
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