However, a refund of the remaining amount contributed by the retiree to the system, plus interest, will be made to the retiree's beneficiary. The person the retiree can name as the contingent annuitant can be any person, including a spouse. The pension reduction is based on the closest ages of the retiree and the annuitant and is found in the option factor tables. The pension reduction is based on the closest ages of the retiree and the annuitant and is found in the option factor tables. This time must be converted to calendar days, multiply by 1.4.
Credited time includes fractions of a year.
Time must be converted to actual years and months. Included in these earnings are regular, special payroll, overtime, and longevity payments. The three highest years of earnings can be any three - 12 consecutive month periods of time. The retiree does not have to be working for the State of Connecticut at the time of retirement in order to qualify for medical and dental benefits as long as the employee had coverage immediately prior to leaving. Age 55 with 10 years of ARP contributions or Age 62 with 5 years of ARP contributions.