TRB: Voluntary Payments

{Active Teacher}

Voluntary Payments

As an active or inactive member of the Connecticut Teachers' Retirement System you may elect to contribute to a Voluntary Account. Deposits into this account may be achieved in the following ways:

  • Authorization for Payroll Deductions (PDF 30KB).  (For Active Members)  Payment is withheld by your employer and transmitted to CTRB on a monthly basis.

  • Lump Sum Voluntary Payment (PDF 16KB).  (For Active or Inactive Members) Payment is made directly to CTRB.

  • Direct Rollover* (PDF 27KB) of pre-tax contributions from Another Qualified Employer Plan I.R.C. 401(a), Profit Sharing Plan I.R.C. 401(k), 403(b) Annuity or 403(b) Custodial Account, non-Roth Individual Retirement Account (IRA) I.R.C. 408, Deferred Compensation I.R.C. 457.  

Voluntary contributions that are submitted via Payroll Deductions or through a Lump Sum Payment are made on an "after-tax basis" only.  

*In accordance with the provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001, effective January 1, 2002, CTRB may accept a Direct Rollover of pre-tax contributions from approved sources providing certain conditions are met.  

All voluntary contributions received on or before 12:00 noon on the last business day in June will be first credited with the investment rate of return on June 30 of the following year. Investment rates of return vary from year to year and may be either positive or negative.  The CTRB changed the interest rate credited to the Voluntary Account from a smoothed rate of return (an average, of sorts) to an investment rate of return (actual investment results for the current year) effective July 1, 2007.

For additional information on this topic, you should obtain the Voluntary Account Information Bulletin (PDF 36KB).



Content Last Modified on 8/25/2010 8:45:13 AM