Town of Simsbury, CT Pensions

General eligibility. All full-time employees of the Town, including Town officers, shall be required to participate in the plan if they work 321/2 hours per week on a regular schedule. Such participants shall be required to make employee contributions as set forth in the applicable provision of Subsection A(2) below.

Rate of employee contribution. Participants in the plan shall be required to make contributions to the plan each pay period as follows:

Employees other than unaffiliated employees shall contribute to the plan at a rate of 2% of their base pay.

Unaffiliated employees shall contribute to the plan at a rate of 5% of their base pay.

Pickup of unaffiliated employee contributions by the Town. Contributions made by participants who are unaffiliated employees shall be treated as "picked up" by the Town, as defined in Section 414(h) of the Internal Revenue Code. Such amounts shall be considered employer contributions and shall not be includable in an employee's gross income in the year they are made.

Vesting schedule. Vesting generally: Participants who have completed five years of service will be 100% vested in their benefits from the plan upon their termination of employment and shall be eligible to receive a benefit at normal retirement or, if the employee elects, at early retirement, subject to any required actuarial reduction for such early retirement.

Eligibility to retire and begin receiving benefits.

Normal retirement date.

A participant's normal retirement date is the later of the date on which he attains age 65 or the date on which he has completed five years of credited service.

For members of Connecticut Independent Labor Union, Local #41, a participant's normal retirement date is the date on which the participant attains age 62 if such participant has 25 years of credited service.

Early retirement date. A participant is permitted to retire early on the date that such participant has attained age 55 and completed five years of service, subject to an actuarial reduction for such early retirement.

Amount of retirement benefits.

Employees other than unaffiliated employees. The annual retirement income provided by this plan for participants other than unaffiliated employees is equal to 2% of the participant's final earnings times the participant's years of credited service accrued at retirement, up to a maximum of 30 years of credited service.

Unaffiliated employees. The annual retirement income provided by this plan for unaffiliated employees is equal to 2.5% of the participant's final earnings times the participant's years of credited service accrued at retirement, up to a maximum of 30 years of credited service, provided that such retirement income shall not exceed 75% of the employee's final earnings as set forth in Subsection D(3) below.

Exception to thirty-year cap on credited service. Notwithstanding Subsection D(1) and (2) above, the benefit of a participant with more than 30 years of credited service as of the effective date of this chapter shall be determined based on the participant's years of credited service as of that effective date.

Final earnings.

For purposes of calculating the benefit of an employee who retires at his normal retirement date, final earnings means the average of the earnings of the employee during the five highest paid years of the ten-year period preceding retirement.

For purposes of calculating the benefit of an employee who retires on his early retirement date, final earnings means the average of the earnings of the employee during the five-year period preceding retirement.

Purchase of service by unaffiliated employees. Unaffiliated employees may purchase years of credited service under the plan for years of service performed for a governmental entity other than the Town by either transferring all or a portion of the employee's accrued benefit in another governmental pension plan to the plan or by making a cash payment to the plan. The amount of credited service an unaffiliated employee may purchase under this plan shall be limited to the number of years of service such employee completed with another governmental entity. The cost of purchasing a year of credited service to be charged to an employee who wishes to purchase such credited service shall be determined by the plan's actuary.

Death benefits.

Preretirement spouse benefit. Upon a participant's death, his/her spouse will receive a preretirement spouse benefit from the plan, provided that: a) the participant and the surviving spouse had been married at least one full year prior to the participant's death; b) the participant was in service with the Town at the time of his/her death; and c) the participant was eligible to retire and receive early retirement income from the plan prior to his/her death. The spouse will receive a preretirement spouse benefit initially equal to 100% of the benefit the participant would have received had he retired early on the date of his death. After 60 such monthly payments have been made, the spouse's benefit will be reduced to 50% of the benefit the participant would have received had he retired early on the date of his death.

Death benefit.

If a participant dies after retirement but prior to 60 payments being made from the plan, and the participant did not select an optional form of benefit, the participant's beneficiary will receive payments equal to the payments received by the participant during his life until a total of 60 payments have been made.

If a participant dies before his retirement date, his beneficiary will receive a refund of the participant's contributions, together with credited interest computed thereon to the date of the participant's death.

§ 46-2 Board of Education employees.

Provisions for all full-time Board of Education employees, excluding those covered by the State Teachers Retirement Plan, except for such contractual changes as may be made from time to time, are as follows:

Eligibility requirements.

For retirement benefits. All full-time employees of the Board of Education, but excluding those employees covered by the State Teachers Retirement Plan, will be eligible for retirement income if they were hired before age 55 and work 321/2 hours per week on a regular schedule and will have at least 10 years of credited service at retirement date.

For total and permanent disability benefits. For employees as classified above who have completed 10 years' credited service, disability will be deemed total and permanent after it has existed for six months.

For vested benefits. Participating employees who have completed 10 years of credited service will be 100% vested in benefits at termination of employment. All such benefits will commence at normal retirement or at early retirement, but actuarially reduced for such early retirement.

For normal retirement date. The normal retirement date is age 65.

For early retirement. Participating employees will be allowed to retire early at age 55 and with at least 10 years of credited service, with an actuarially reduced pension. There will be no reduction in accrued benefit for a member of the custodial/maintenance staff on or after age 62, provided that the employee has completed 29 years of service.

(6)

For retirement benefits. The annual retirement income provided by this plan is equal to 1 1/2% for each year of credited service accrued at retirement. At normal retirement date, final earnings for the purpose of computation of the pension plan will be the five highest of the last 10 years preceding retirement. With early retirement, final earnings for the purpose of computation of the pension plan will be the last five years preceding early retirement date.

(7)

For disability benefits. The disability pension will be $200 per month, except that the monthly amount shall be $300 per month for custodial/maintenance employees until normal retirement, when the pension accrued to the date of disability will be paid.

(8)

For death benefits. The only death benefit payments provided by this plan will be the guaranty of pension at full benefit for at least five years from date of retirement, but by employee election, retirement income can be continued to a contingent pensioner at a reduced rate.

§ 46-3 Police officers.

Provisions for all full-time Town of Simsbury police officers, except for such contractual changes as may be made from time to time, are as follows:

Eligibility requirements.

For retirement benefits. All full-time police officers will be eligible for retirement income if they work 32 1/2 hours per week on a regular schedule and will have at least 10 years of credited service at retirement date.

For total and permanent disability benefits. For police officers who have completed 10 years' credited service, disability will be deemed total and permanent after it has existed for six months.

For vested benefits. Participating police officers who have completed 10 years of credited service will be 100% vested in benefits at termination of employment. All such benefits will commence at normal retirement or early retirement, but actuarially reduced for such early retirement.

For normal retirement date. The normal retirement is age 55.

For early retirement. All full-time police officers will be allowed to retire early at age 50 with written consent of the contract holder and with at least 10 years of credited service, with an actuarially reduced pension.

(6)

For retirement benefits. The annual retirement income provided by this plan is equal to 2% for each year of credited service accrued at retirement. At normal retirement date, final earnings for the purpose of computation of the pension plan will be the five highest of the last 10 years preceding retirement. With early or late retirement, final earnings for the purpose of computation of the pension plan will be the last five years preceding early retirement date.

(7)

For disability benefits. The disability pension will be $500 per month until normal retirement, when the pension accrued to the date of disability will be paid.

(8)

§ 46-4 Civilian dispatchers.

Provisions for all full-time Town of Simsbury civilian dispatchers, except for such contractual changes as may be made from time to time, are as follows:

Eligibility requirements.

For retirement benefits. All full-time employees of the Town, including Town officers, will be eligible for retirement income if they were hired before age 60, work 321/2 hours per week on a regular schedule and will have at least 10 years of credited service at retirement.

For vested benefits. Participating employees and Town officers who have completed 10 years of service will be 100% vested in benefits at termination of employment. All such benefits will commence at normal retirement or at early retirement, but actuarially reduced for such early retirement.

For normal retirement date. The normal retirement date is age 65.

For early retirement. Participating employees and Town officers will be allowed to retire early at age 55 and with at least 10 years of service, with an actuarially reduced pension.