Connecticut Administrative Code › Title 7 - Municipalities › 448 - Election of Optional Form of Retirement Salary for Municipal Employees › Section 7-448-3 - Amount of reduced retirement salary payable to employee if election of optional retirement salary approved

Current through July 10, 2024
(a) The reduced
			 retirement salary payable to the employee shall be a percentage of the
			 retirement salary that would have been payable if an optional form of
			 retirement salary had not been elected. In the case of (1) an employee not
			 participating in social security or (2) an employee who retires or dies while
			 entitled to social security old age insurance benefits, as a result of
			 municipal service, and whose spouse has attained the age at which such spouse
			 would be eligible for a social security survivor's benefit, the percentage
			 shall be uniform. Otherwise there shall be two such percentages. The first
			 shall be the same as if the employee were not participating in social security
			 and shall apply (1) to the total retirement salary that would have been payable
			 to the employee prior to the age at which the employee would become eligible
			 for social security old age benefits and prior to his qualifying for social
			 security disability insurance benefits and (2) to that part of the retirement
			 salary that would have been payable thereafter arising from base salary in
			 excess of the amount on which social security taxes were payable, if an
			 optional form of retirement salary had not been elected. The second percentage
			 shall apply to the remainder of the retirement salary that would have been so
			 payable. The first and second percentages will be so computed that the
			 resulting reduced retirement salary shall be the actuarial equivalent, as
			 determined by the retirement commission, of the retirement salary that would be
			 payable were it not for the election of this option. In the case of a retired
			 or deceased employee participating in social security who had attained the age
			 at which the employee would be eligible for social security old age benefits or
			 would have attained such age if living, prior to August 1, 1961, and whose
			 spouse had not attained the age at which such spouse would be eligible for a
			 social security survivor's benefit prior to such date, a new second percentage
			 shall be appropriately calculated. If an employee, after becoming entitled to
			 social security disability insurance benefits, ceases to be so entitled before
			 the age at which he would become eligible for social security old age insurance
			 benefits, the first percentage will again apply and the second percentage shall
			 be appropriately recalculated.
(b)
			 If the spouse has died before the first date on which the spouse would have
			 been entitled to a retirement salary if the employee had died on such date, the
			 employee (on retirement) shall be entitled to the same retirement salary as if
			 an optional form of retirement salary had not been elected. If the spouse had
			 died between such date and the commencement of the employee's retirement
			 salary, the employee's retirement salary shall not be reduced by a greater
			 amount or amounts (in dollars per year) than the reductions that would have
			 been made if he had retired just before his spouse's death.