Bill Text: CT HB05397 | 2014 | General Assembly | Comm Sub
Bill Title: An Act Concerning Interest On Unclaimed Contributions For Inactive Members Of The Teachers' Retirement System And Eliminating Certain Obsolete Language.
Spectrum: Moderate Partisan Bill (Democrat 4-1)
Status: (Engrossed - Dead) 2014-04-28 - Senate Calendar Number 491 [HB05397 Detail]
Download: Connecticut-2014-HB05397-Comm_Sub.html
General Assembly |
Raised Bill No. 5397 | ||
February Session, 2014 |
LCO No. 1836 | ||
*_____HB05397APP___040214____* | |||
Referred to Committee on APPROPRIATIONS |
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Introduced by: |
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(APP) |
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AN ACT CONCERNING INTEREST ON UNCLAIMED CONTRIBUTIONS FOR INACTIVE MEMBERS OF THE TEACHERS' RETIREMENT SYSTEM AND ELIMINATING CERTAIN OBSOLETE LANGUAGE.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Section 1. Section 10-183ee of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2014):
(a) After at least twenty-five years have elapsed since a [member] vested member or ten years have elapsed since a nonvested member of the teachers' retirement system ceased to be a teacher for any cause other than death or retirement or two years have elapsed from the date any other person became entitled to a benefit pursuant to this chapter, the Teachers' Retirement Board shall send a statement to such member or such person at the last known address of the person setting forth the amount of the accumulated contributions or other benefits standing to the credit of such person. The statement shall give notice to such person that unless payment is demanded of said amount prior to a date at least ninety days from the date the notice is given, the amount will be deemed abandoned and [will be transferred by the retirement board to the pension reserve account within the Teachers' Retirement Fund] no further interest shall be credited to said amount.
(b) Any accumulated contributions or other benefits so deemed abandoned [and transferred to the pension reserve account] may be claimed by the person entitled to the accumulated contributions or other benefits, or in the event of his death, by his estate or by such person or persons as he shall have nominated to receive such accumulated contributions, by filing a claim with the retirement board in such form and in such manner as may be prescribed by the retirement board, seeking the return of such abandoned accumulated contributions or other benefits without interest. In the event such claim is properly made the retirement board shall pay over to the person or persons or estate making such claim the amount of such accumulated contributions or other benefits without interest. [The payment shall be made from the pension reserve account.]
This act shall take effect as follows and shall amend the following sections: | ||
Section 1 |
July 1, 2014 |
10-183ee |
APP |
Joint Favorable |