Connecticut General Statutes 45a-45 – Retirement contributions of judges
(a) Each judge of probate shall contribute to the fund three and three-quarters per cent of that portion of the judge’s annual compensation, including any compensation received as an administrative judge for a regional children’s probate court under § 45a-8a, or as a special assignment probate judge under § 45a-79b, with respect to which contributions are not made to the Federal Old Age and Survivors System as provided for in sections 7-452 to 7-459, inclusive, and one per cent of that portion from which such contributions are made. The Probate Court Administrator shall deduct the judge’s contributions from the judge’s compensation and shall forward such contributions to the Retirement Commission to be credited to the retirement fund on the judge’s account.
Terms Used In Connecticut General Statutes 45a-45
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Probate: Proving a will
(b) (1) Any judge who leaves office before becoming eligible for a retirement allowance may, on request to the Retirement Commission, withdraw the total of all contributions made by the judge, without interest, provided, if the judge makes no such request within ten years after leaving office, the judge’s contributions shall revert to the fund.
(2) Notwithstanding the provisions of subdivision (1) of this subsection, if such judge’s departure from office or withdrawal of contributions is on or after October 1, 1986, the withdrawal of contributions shall include interest credited from the later of (A) January 1, 1986, or (B) the first day of the calendar year following the date of actual contribution, to the first day of the calendar year coincident with or preceding the date the judge leaves office. Such interest shall be credited at the rate of five per cent per year. In addition, for the partial calendar year during which the judge leaves office or withdraws contributions, provided such date is after January 1, 1986, interest shall be credited at the rate of five-twelfths of one per cent multiplied by the full number of months completed during such calendar year, such interest rate to be applied to the value of contributions, including any prior interest credits, as of the first day of such calendar year.
(3) Any judge who withdraws the judge’s contributions from the fund and is subsequently reinstated shall not receive credited service for such prior time in office in the computation of any benefit under the retirement plan unless the withdrawn contributions have been repaid with interest at a rate to be determined by the commission. Any judge who was ineligible for retirement benefits at the time he or she became a judge and who has not made contributions under this section, who becomes eligible, or whose spouse becomes eligible, for any benefit under the retirement plan, shall receive credited service for any time in office, provided such judge makes such contributions with interest at a rate to be determined by the commission.