(a) A member who voluntarily or involuntarily terminates service with the member’s employer, including termination due to the member’s death, before retirement shall be entitled to have refunded his or her accumulated voluntary contributions with credited interest.

Terms Used In Connecticut General Statutes 10-183k

  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Board: means the Teachers' Retirement Board. See Connecticut General Statutes 10-183b
  • Contributions: means amounts withheld pursuant to this chapter and paid to the board by an employer from compensation payable to a member. See Connecticut General Statutes 10-183b
  • Credited interest: means interest at the rate from time to time fixed by the board consistent with industry standards and practices. See Connecticut General Statutes 10-183b
  • Employer: means an elected school committee, a board of education, the State Board of Education, the Office of Early Childhood, the Technical Education and Career System, the Board of Regents for Higher Education or any of the constituent units, the governing body of the Children's Center and its successors, The University of Connecticut Board of Trustees, the E. See Connecticut General Statutes 10-183b
  • Member: means any Connecticut teacher employed (A) on, and compensated for, the first school day, in accordance with the member's contractual schedule, and (B) for an average of at least one-half of each school day after the first school day, except that no teacher who under any provision of the general statutes elects not to participate in the system shall be a member unless and until the teacher elects to participate in the system. See Connecticut General Statutes 10-183b

(b) A member who voluntarily or involuntarily terminates service with the member’s employer, including termination due to the member’s death, before retirement with less than five years of credited service in the public schools of Connecticut shall be entitled to have refunded his or her accumulated regular contributions with credited interest. A member who voluntarily or involuntarily terminates service with the member’s employer, including termination due to the member’s death, before the member’s retirement with more than five years of credited service shall be entitled to have refunded his or her accumulated regular contributions with credited interest and his or her accumulated one per cent contributions withheld prior to July 1, 1989. A member who elects to receive a refund of contributions in accordance with this subsection, shall have all credited service canceled and any right to benefits under this chapter shall be extinguished, except as provided in subsection (d) of this section.

(c) A member who voluntarily or involuntarily terminates service with the member’s employer, including termination due to the member’s death, before retirement with more than ten years’ credited service in the public schools of Connecticut may elect to receive in lieu of the benefits provided by this chapter a refund of his or her accumulated contributions with credited interest as provided in subsection (b) of this section. If such member elects a refund, all credited service shall be cancelled and any rights to benefits provided by this chapter shall be extinguished, except as provided in subsection (d) of this section. If such member does not elect a refund, but dies before age sixty or before receiving the deferred vested benefit, if later, such member’s accumulated regular contributions with credited interest and accumulated one per cent contributions withheld prior to July 1, 1989, shall be paid to such member’s designated beneficiary.

(d) A member who receives a refund and returns to service shall be regarded as a new member unless such member repays, subject to the requirements established by the board, the amount refunded, other than voluntary contributions and the interest thereon, together with credited interest compounded from the date interest was last credited to such member’s account to the date of repayment. The credited service accumulated before termination and any unrefunded one per cent contributions withheld prior to July 1, 1989, and credited interest shall be restored to a member who makes such repayment. Restored contributions and interest shall be credited with credited interest for the period between the last day for which interest was credited on such contributions and such member’s date of repayment.

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