Connecticut
Overview
Major public retirement systems in Connecticut include the Connecticut State Employees Retirement System (SERS), the Connecticut Teachers Retirement Board (TRB), and the Connecticut Municipal Employees’ Retirement System (MERS).
CT SERS administers pension and other benefits to state employees. Assets are managed by the state treasurer, who serves as sole trustee. The system is administered by the Retirement Division of the state comptroller.
CT TRB administers pension and other benefits to public school teachers in the state. Assets are managed by the state comptroller, who serves as the sole trustee.
Plan Design
Connecticut teachers, and state & local employees hired before July 1, 2017 participate in a defined benefit plan. State employees hired since July 1, 2017 participate in a combination (DB+DC) hybrid plan.
According to the US Government Accountability Office, 55 percent of employees of state and local government in Connecticut participate in Social Security.
Authorizing Statutes and Board Structure
The state treasurer serves as the sole trustee of the Connecticut State Employees’ Retirement System. An Investment Advisory Council is responsible for reviewing and proposing revisions to the treasurer's investment policy statement, and for reviewing investments made by the treasurer. The council is made up of The Secretary of the Office of Policy and Management and the State Treasurer, who serve as ex-officio members and five appointed public members experienced in matters relating to investments.
See more: Constitutional and Statutory Functions of the State Treasurer
CT Gen Stat § 10-183c. establishes the Teachers’ Retirement System. CT Gen Stat § 10-183l. establishes the Teachers’ Retirement Board, which includes 14 members.
Fiduciary Duty/Prudence Standard
CT Gen Stat § 45a-203 directs the Treasurer to invest "with the care of a prudent investor".
CT Gen Stat § 3-13d. specifies the following investment restriction:
Notwithstanding the provisions of this section or any other provision in the general statutes, the Treasurer shall not invest more than sixty per cent of the market value of each such trust fund in common stock, except in the event of a stock market fluctuation that causes the common stock percentage to increase and the Treasurer deems it in the best interest of such trust fund to maintain a higher percentage of equities, provided the Treasurer shall not allow the market value of each such trust fund in common stock to exceed sixty-five per cent for more than six months after such fluctuation occurs.
Legal Protections of Retirement Benefits
No explicit constitutional protection for public pension benefits. Statutory protection exists for vested employees who satisfy eligibility requirements by becoming eligible to receive benefits. Courts also recognized the state's statutory pension scheme establishes a property interest entitled to protection from arbitrary legislative action under the due process provisions of the state constitution. See Pineman v. Oechslin, 488 A.2d 803 (1985). Municipal pensions are protected by CT Stat. §7-148 providing that the "rights or benefits granted to any individual under any municipal retirement or pension system shall not be diminished or eliminated." Source: Robert Klausner, Esq., State Constitutional Protections for Public Sector Retirement Benefits
See also the following search tools:
Retirement System Account Interest Policies | Economic Actuarial Assumptions | Retirement and Investment Board Characteristics |
Information about interest rates applied to account balances of inactive plan participants | Assumed rates of investment return and inflation | Composition and characteristics of public retirement and investment oversight boards |
Mortality Assumptions | Plan Design Features | Post-retirement Employment Policies |
Public retirement system actuarial assumptions for mortality | Numerous elements of retirement plan design | Policies governing return-to-work for retirement system annuitants |
More Data
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Population (2023) 3,617,176 |
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Connecticut public pension statistics, per U.S. Census Bureau as of FY 2023 ($ in 000s) |
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Assets |
$60,176,783 |
Active Members |
135,090 |
Annuitants |
142,090 |
Benefits Paid |
$6,407,821 |
Employee Contributions |
$787,297 |
Employer Contributions |
$45,704,589 |
Systems |
206 |
More Data
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Roll Call (members-only)
Other Resources
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Final Report on Connecticut Retirement Systems: SERS and TRS, Center for Retirement Research, November 2015