Additional Service Credit Bills
We are currently processing service credit documentation and applications received in our office in October of 2013.
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.
CTRB will not accept partial payments from the rollover of a 403(b) or governmental 457 plan unless CTRB has already received either the remaining balance due or authorization to use supplemental or voluntary funds for the remaining balance due. If CTRB has not already received either the remaining balance due or the authorization to use supplemental or voluntary funds, the member should direct the custodian of the 403(b) or governmental 457 to send the rollover check to the member; the member should forward the rollover check to CTRB together with the remaining balance due or the authorization to use supplemental or voluntary funds.
CTRB issues receipts for all checks received for the purchase of additional service credit, including both membersí personal checks and rollover checks. If you are using funds from multiple sources to pay for your service, you should retain the receipts and insure that they equal the total amount due and that CTRB has received them by the due date.
Content Last Modified on 11/22/2013 8:02:33 AM