Connecticut General Statutes 45a-41 – Retirement allowance. Annual adjustments in retirement allowances
(a) After retirement in accordance with the provisions of sections 45a-34 to 45a-53, inclusive, each member of the retirement fund who is not entitled to benefits under the Old Age and Survivors Insurance System as provided for in sections 7-452 to 7-459, inclusive, as a result of service in a court of probate in this state shall receive a retirement allowance during his lifetime, payable monthly, equal to one-twelfth of two per cent of his average final compensation for each year of credited service.
Terms Used In Connecticut General Statutes 45a-41
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Probate: Proving a will
(b) Each member who is entitled to benefits under the Old Age and Survivors Insurance System as provided for in sections 7-452 to 7-459, inclusive, as a result of service in a court of probate in this state shall receive a retirement allowance during his lifetime, payable monthly, equal to one-twelfth of the sum of (1) and (2) following: (1) One per cent of average final compensation up to and including four thousand eight hundred dollars for each year of credited service; (2) two per cent of average final compensation in excess of four thousand eight hundred dollars for each year of credited service.
(c) The retirement allowance for any member shall not be less than three hundred sixty dollars annually.
(d) On July 1, 1980, and on July first of each subsequent year, the State Retirement Commission shall determine the percentage of increase or decrease in the average monthly nation-wide Consumer Price Index for the most recent fiscal year compiled and published by the federal government from the average monthly nation-wide Consumer Price Index compiled and published by the federal government for the next preceding fiscal year. Subject to the further limitations of this subsection, the percentage of increase or decrease so determined on July first of each year shall be applied to increase or decrease by such percentage the amount of the retirement allowance in effect on July first of the next preceding year for each member who was a retired member on said July first and was then receiving a retirement allowance under this section, and for the spouse of each deceased member who had elected the husband and wife retirement income option, or any other spouse or contingent annuitant receiving a continuing reduced retirement allowance or retirement income payments under § 45a-43 on said July first; and the amount of retirement allowance or retirement income payable during the twelve-month period commencing on each July first adjustment date shall be the amount so in effect and being received on said July first increased or decreased as above. No adjustment shall be made on any July first if the increase or decrease in such index determined as above is less than one per cent, and adjustments for increases in excess of three per cent shall be limited to three per cent. In no event shall the amount of monthly retirement allowance or retirement income payment for a member or spouse receiving such an allowance or payment on June 30, 1979, be reduced by any adjustment under this subsection below the amount of such monthly retirement allowance or retirement income in effect on June 30, 1979, nor shall the amount of monthly retirement allowance or payment of a member or spouse whose initial amount of such allowance or payment becomes payable after June 30, 1979, be reduced by any adjustment under this subsection below such initial amount of monthly retirement allowance for such member or such initial amount of allowance or payment to such spouse.