Connecticut General Statutes 10-183r – Funding of system. Payment of administration expenses, benefit costs and professional fees for administration of health benefit plans
The system shall be funded as follows:
Terms Used In Connecticut General Statutes 10-183r
- 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
- System: means the Connecticut teachers' retirement system. See Connecticut General Statutes 10-183b
(1) Except as provided in subdivision (3) of this section, all expenses of the administration of the system, exclusive of payment of benefits, shall be paid for out of amounts appropriated by the General Assembly on certifications and recommendations submitted by the board.
(2) The cost of all benefits payable from the system shall be paid out of the retirement fund which shall consist of contributions paid by members, appropriations by the General Assembly based upon certifications and recommendations submitted by the board, the proceeds of bonds held by the system under § 10-183m, the proceeds of bonds issued pursuant to § 10-183qq and earnings of the system.
(3) Professional fees associated with the administration of the health benefit plans offered pursuant to § 10-183t may be paid for out of the retired teachers’ health insurance premium account established pursuant to said § 10-183t.