TRB: Instructions for Additional Service Credit Cost Estimator

Instructions for Additional Service Credit Cost Estimator

 

The Additional Service Credit Cost Estimator (ASCCE) is a tool designed to help you estimate the cost of purchasing Additional Credited Service.  Refer to the page titled – Purchasable Service Credit for the complete listing of service #1 that may be purchased as additional credited service, as well as the limitations for such service.

 

Do not use this calculator if you are purchasing Previous Connecticut Teaching Service (see Purchasable Service Credit item #2), or are currently on an approved leave of absence (see Purchasable Service Credit item #3).

 

The ASCCE uses a complex formula to determine the full actuarial cost attributable to the purchase of this service with the cost shared equally by you and the State of Connecticut Teachers’ Retirement Board. The resulting amount from the ASCCE reflects your cost to purchase this service.

 

Payment can only be remitted to the CTRB after you have received an official bill or invoice for your additional service credit. You must return the bill with your payment for your additional service credit and they both must be received no later than the DUE DATE. Here is the link to our Acceptable Payment Policy.

 

It will be useful for you to have your latest Connecticut Teachers’ Retirement Board (CTRB) Member Annual Statement, and these instructions (you should print these instructions and the Purchasable Service Credit page from the web site) handy for reference before you begin using the Additional Service Credit Cost Estimator.

 

CALCULATION DATE:  Enter the date you plan to purchase your credit. This date must be the first day of a month. Examples: 1/1/16 or 1/1/2016. The calculation date must be at least the first day of the month following receipt of your documentation by the CTRB.  If your documentation was received in December, 2015, the calculation date will be January 1, 2016. If your documentation is received in March, 2016, the calculation date should be April 1, 2016.

 

MEMBER INFO

Member Name:  This is not matched to our database and it is not a required field so you can use your birth name, a nickname, first name only, etc.

Member ID:  This is not matched to our database either and it is not a required field so you can use your social security #, your TRB Account # or nothing at all.

Member Date of Birth (DOB):  Enter your birth date.  Examples: 8/30/54 or 8/30/1954.

SALARY (three highest salaries not including the current year)

You must enter the full-time full year *annualized pensionable salaries (see below, if necessary for instructions) for your three highest-paid years not including the current year.


*Annualizing Your Salary:

·      If your statement says, Year: 2015-16, Empl Credit: 1.0, FTE %: 90.0 and Pensionable Salary: $75,033.00, you need to take the pensionable salary and divide it by the FTE % to annualize the salary.  For example: $75,033.00 / 90% = $83,370.00.  Enter $83,370.00 in the box under Salary on the calculator.

·      If your statement says, Year: 2015-16, Empl Credit: 0.5, FTE %: 100.0, Pensionable Salary: $41,685.00, you need to take the pensionable salary and divide it by the Empl Credit to annualize the salary.  For example: $41,685.00 / .5 = $83,370.00. Enter $83,370.00 in the box under Salary on the calculator.

·      You can also obtain the pensionable salary from your contract. 

SERVICE

Earned Service:   Connecticut – Include in this box:

  • All service listed as Current Vesting Service from your last Annual Statement plus earned service up to the Calculation Date.
  • Years of Prior CT Service Withdrawn, that you have paid back up to the Calculation Date.
  • Years of credit defined as Back Deductions for mandatory contributions you have paid back up to the Calculation Date.
    • Hourly Paid Certified Teaching often referred to as tutoring, title one, ESL, CETA,
    • Permanent Substitute Teaching (You must have worked as a long term substitute from the 1st working day of the school year until the last working day of the school year.)
    • State of CT Employment – Teaching
    • Part-time lecturing – when you were also employed by local board of education
    • Adult High School Credit Diploma Program
    • Veteran’s  Re-Employment Act
  • If you made payments of the mandatory contributions while on a Current Leave of Absence, include this service.
Already Purchased:   Connecticut – Include in this box:
  • Wartime Military Service
  • Previous Leave of Absence
  • Substitute Teaching
  • Part-time Service (less than 50%)
  • Part-time Lecturer – when you were employed 50% or more only at one of CT’s Universities or Colleges. Not employed by a local board of education
 Already Purchased:   Non–Connecticut – Include in this box
  • Peacetime Military Service
  • Military Dependents School
  • Outside State Teaching (OSS) in Public Schools
  • Full-time, permanent State of CT Employment – in a non teaching position
  • Elected Official (full-time, salaried Elected Official)
  • Federal Teacher Corps
  • Peace Corps
  • Social Work Assistant in a Public School from 1969 – 1986
  • VISTA
  • State Education Resource Center Teaching (SERC)
  • Teaching Service at American School for the Deaf, CT Institute for the Blind or Newington Children’s Hospital – now CCMC 
Sample 2015-16 Member Annual Statement (PDF 32KB) - The Current CT Service is highlighted in yellow.

NOTE:  Additional Service Credit purchased within five (5) years of the effective date of your disability or while you are receiving a disability allowance will not be used in the calculation of your disability allowance.

 

PROCEED TO ADDITIONAL SERVICE CREDIT COST ESTIMATOR:

 

Use this Estimator before September 1, 2017

 

 



Content Last Modified on 1/11/2017 9:30:07 AM