We are currently processing service credit documentation and applications received in our office in July of 2009.
Once you receive your bill, payment in full must be received by the Connecticut Teachers Retirement Board (CTRB) on or before the due date specified on the bill. If any portion of the payment is received after the due date, the entire payment is late and the cost must be recalculated using new variables such as current salary, service credit and age; as well as a current service purchase date which may lead to a significant increase in the cost.
However, if you are retiring and do not pay the amount due in full on or before the effective date of your retirement or by the due date you will forever forfeit your right to purchase your additional service credit. Failure to pay for your service credit results in the lost opportunity to have the additional service credit used in the calculation of your retirement benefit.
If you are submitting payments from multiple sources including a rollover, it is your responsibility to ensure that the CTRB receives all of the funds, including the rollover from a financial institution (custodian), on or before the due date. You should be aware that some financial institutions deduct a surrender fee from the amount of the distribution you request which could result in an underpayment on your purchase.
Partial payments from the rollover of a 403(b) or governmental 457 plan will not be accepted unless accompanied by the remaining balance due or authorization to use voluntary funds for this purpose. These payments must be sent to the member and forwarded to CTRB together with the remainder of the payment. CTRB issues receipts for any and all checks received for the purchase of additional service credit. If you are using funds from multiple sources to pay for your service, you should keep the receipts and add the receipt amounts to make sure they equal the total amount due. The amount due is underpaid and considered late, unless the underpayment is received by CTRB by the due date.
