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You can refund your SERS accumulated contributions if you have terminated your SERS-covered position, and at least three months have passed since your last date of service. If you apply for a refund and return to work in a SERS-covered position within that three- month period, your refund application will be cancelled.
How long do you have to work for the state of Connecticut to get a pension?
Employees may begin collecting full benefits at age 65 if they have completed 10 years of service or at age 63 if they have completed 25 years of service. Early benefits are available at age 58 and are reduced 6 percent for each year before the normal retirement age (63 or 65, depending on years of completed service).
What is CT SERS retirement?
The Connecticut State Employees Retirement System (SERS) serves public employees in the state of. Connecticut. The system provides a defined benefit (DB) pension for its 47,868 active employees, and. SNAPSHOT: Connecticut State. Employees Retirement System.
Is there an increase in pension in 2022?
Minister for Public Expenditure and Reform The Minister has approved the continuation of the above pension increase policy for the period to the end of 2022, including the pension increase in October 2021 as a result of the general round pay increase of 1% or 500, whichever is greater.
What is the cost-of-living increase for 2022 in CT?
Did the Cost of Living in Hartford, CT increase in 2022? Hartford, CT area prices were up 1.7% from a year ago. The largest increases were found in Transportation, Food, and Housing.
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A SERS pension provides lifetime retirement security in the form of regular and consistent benefit payments, which makes it easier for retirees stay on a budget. Retirement with SERS is a matter of eligibility. You must meet one of the age and service credit combinations to be eligible for a monthly, lifetime pension.
What age can I retire at 55?
The rule of 55 is an IRS provision that allows workers who leave their job for any reason to start taking penalty-free distributions from their current employers retirement plan once theyve docHubed age 55.
What is the COLA for state retirees in 2022?
Board Approves Maximum COLA for 2022 At its September meeting, the Board unanimously voted to approve a 2.5% cost-of-living adjustment (COLA) increase for eligible retirees and beneficiaries in 2022.
Will CT state retirees get a raise in 2023?
If the investment performance of the retirement fund for the preceding fiscal year is less than 6.9%, the cost of living adjustment will be capped at 1.5%.Cost of Living Adjustments. COLA GroupJanuary 2023 COLA IncreaseJuly 2023 COLA IncreaseMembers retired prior to September 19925%TBD2 more rows
Do I retire at 65 or 67?
How Old Do You Have to Be to Retire? The full retirement age, or the age you need to be to collect full Social Security benefits, is 66 years and two months for those born in 1955 and will gradually increase to 67 for those born in 1960 or after.
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