AN ACT CONCERNING RETENTION OF THE COPARTICIPANT OPTION UNDER THE TEACHERS' RETIREMENT SYSTEM AFTER DIVORCE.

Be it enacted by the Senate and House of Representatives in General Assembly convened:

Section 1. Subsection (d) of section 10-183j of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2014):

(d) The benefits payable to such member and such coparticipant shall be computed as follows:

(1) The benefit payable to such member at retirement and to such coparticipant upon such member's death shall be the actuarial equivalent of the normal, early, proratable or disability benefit for which such member is eligible and based upon such member's age at retirement and the age of such coparticipant on such retirement date.

(2) The benefit payable to such coparticipant of such member who dies after such option first becomes effective but before retirement shall be the actuarial equivalent of the normal, early or proratable benefit for which such member was eligible based on such member's age at death and the age of such coparticipant on such date of death.

(3) [The benefit payable to a member whose designated coparticipant dies or is divorced from the member after the effective date of the option but before the retirement or death of such member shall be the normal, early, proratable or disability benefit for which the member is eligible.] A coparticipant option shall be terminated, for any member whose designated coparticipant dies or is divorced from the member after the member's retirement, on the date of such death or divorce. Such member shall thereupon be paid the normal, early [,] or proratable [or disability] retirement benefit for which the member is eligible. On and after July 1, 2014, the member may retain the coparticipant and coparticipant option elected at the time of retirement by filing a qualified domestic relations order with the board.

Statement of Purpose:

To permit members of the teachers' retirement system to retain the coparticipant option after divorce.

[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.]