CT Teacher Retirement Board Updates 2016-17
If we can help you individually, please let us know. We have advised thousands of educators over the past 16 years, combining our extensive knowledge of the Connecticut Teacher Retirement System with individualized retirement income planning strategies. We offer both retirement planning and TRB consulting services. Simply click the following link to schedule a personalized appointment:
TRB Appointment Request
Further Reduction in State Income Tax for Retired Teachers
Next year marks the third and final step in the preferential tax treatment of TRB pensions in Connecticut. In 2017, 50% of each retired teacher’s pension will be exempt from state income taxes. If you are planning to retire in 2017, please bear this in mind when completing the tax withholding section of your retirement application. If you know a retired teacher who would like to update their tax withholding to reflect these changes, we’ve included a link below to the necessary form:
2016-17 Subject Shortage Areas
For a number of reasons, some retired teachers may be interested in continuing to work in education after retirement. Retired teachers receiving pensions from the CTRB may be reemployed in a position eligible for CTRB membership and continue receiving their pension income if certain criteria are met.
In order to continue working within the system and receiving a pension, a member must receive less than 45% of the highest salary paid for the same position within the district. In order to avoid this salary limitation, a member must be employed in one of the listed Subject Shortage Areas or Priority School Districts for the given school year. If you or someone you know may be considering reemployment after retirement, please follow this link for more information and a current list of Subject Shortage Areas and Priority School Districts:
Changes to the Voluntary Annuity
As past attendees of our Teacher Retirement Workshop series are already aware, the Connecticut Teachers’ Retirement Board (CTRB) offers retiring members the chance to “annuitize” funds in their Voluntary and Supplemental accounts. By simply checking the appropriate boxes on the retirement application, retiring teachers are able to lock in lifetime interest payments, including the option for lifetime survivor income, at the current rates offered by the CTRB.
This summer, the CTRB has revised its underlying assumptions for the Voluntary Annuity and issued new rates that will take effect for teachers retiring on or after September 1, 2017. For more information about the CTRB’s current and new rates, please visit the link below, and select the bullets at the top of the list titled “1% Supplemental and/or Voluntary Account.”
2017 Stirling Supplemental Health Plan Premium Changes
For those who are Medicare eligible, the Teachers’ Retirement Board sponsors a self-insured Medicare supplemental health plan offering prescription, dental, vision, and hearing coverage. The premiums for coverage effective January 1, 2017, have been updated, and in many cases they have actually decreased. Please click the following link for updated premium information:
Gottfried & Somberg Teacher Retirement Workshops
In February and March, we will host eight pre-retirement workshops to teach educators about their TRB pension and health insurance benefits, as well as basic financial planning concepts. For workshop dates and registration information, please use the following link to our Teacher Retirement Workshop page:
Teacher Retirement Registration Page