Connecticut General Statutes 45a-44 – Retirement contributions of employees
(a) Each employee shall contribute to the fund three and three-quarters per cent of that portion of the employee’s pay from which contributions are not to be deducted under the Federal Old Age and Survivors Insurance System as provided for in sections 7-452 to 7-459, inclusive, and one per cent of that portion of pay from which contributions are to be deducted. The Probate Court Administrator shall deduct the employee’s contributions from the employee’s pay and shall forward such contributions to the Retirement Commission to be credited to the retirement fund on the employee’s account.
Terms Used In Connecticut General Statutes 45a-44
- 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 employee who leaves the employment of the court before becoming eligible for retirement may, on request to the Retirement Commission, withdraw the total of all contributions made by the employee, without interest, provided, if the employee makes no such request within ten years after leaving, the employee’s contributions shall revert to the fund.
(2) Notwithstanding the provisions of subdivision (1) of this subsection, if such employee’s departure from probate service 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 employee leaves probate service. Such interest shall be credited at the rate of five per cent per year. In addition, for the partial calendar year during which the employee leaves probate service 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 employee who withdraws the employee’s contributions from the fund and is subsequently reinstated shall not receive credited service for such prior employment in the computation of any benefit with respect to the employee under the retirement plan unless the withdrawn contributions have been repaid with interest at a rate to be determined by the commission. Any employee who was ineligible for retirement benefits at the time of the employee’s employment 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 employment, provided such employee makes such contributions with interest at a rate to be determined by the commission.