Sec. 10-183r. Funding of system. - Connecticut Statutes

      Sec. 10-183r. Funding of system. The system shall be funded as follows:

      (1) All expenses of the administration of the system, exclusive of payment of benefits, shall be paid for out of amounts appropriated by the General Assembly on certifications and recommendations submitted by the board.

      (2) The cost of all benefits payable from the system shall be paid out of the retirement fund which shall consist of contributions paid by members, appropriations by the General Assembly based upon certifications and recommendations submitted by the board, the proceeds of bonds held by the system under section 10-183m, the proceeds of bonds issued pursuant to section 10-183qq and earnings of the system.

      (P.A. 78-208, S. 17, 35; P.A. 79-436, S. 2, 6; P.A. 07-186, S. 11.)

      History: P.A. 79-436 substituted "certifications" and "recommendations" for "estimates"; P.A. 07-186 amended Subdiv. (2) to include proceeds of bonds issued pursuant to Sec. 10-183qq as a source of revenue for retirement fund from which cost of all benefits of system are paid, effective July 1, 2007.

      Basis for ascertainment of payments into annuity fund is amount teacher is entitled to receive from employer. 116 C. 505.