Connecticut Seal

General Assembly

File No. 264

    February Session, 2012

Senate Bill No. 241

Senate, April 4, 2012

The Committee on Labor and Public Employees reported through SEN. PRAGUE of the 19th Dist., Chairperson of the Committee on the part of the Senate, that the bill ought to pass.

This act shall take effect as follows and shall amend the following sections:

Section 1

July 1, 2012

New section

HED

Joint Favorable C/R

LAB

LAB

Joint Favorable

 

Agency Affected

Fund-Effect

FY 13 $

FY 14 $

Office of the State Comptroller - State Employees Retirement System

Various – Precludes Cost/Savings

Minimal

Minimal

Sources:

Office of the State Comptroller, Community-Technical Colleges

Yea

18

Nay

0

(03/13/2012)

Yea

10

Nay

0

(03/20/2012)

TOP

1 The State Employees Retirement Fund (SERF) currently has an assumed investment rate of return of 8.25%. Employees not eligible for any retirement benefits (as most adjunct faculty are due to vesting requirements) may withdraw their retirement contributions, plus 5% annual interest, when leaving state service. Without withdrawal, these contributions revert to the retirement fund after 10 years following employment termination.

2 With the exception of the UConn and State University System adjunct faculty as a result of the special waiver provisions in their collective bargaining agreements.

3 In FY 12, there are 3,828 part-time lecturers at the community technical colleges with a year-to-date payroll of $32.6 million. This represents approximately 1% of payroll covered under SERS.