Pursuant to the provisions of the SEBAC 2017 agreement, retirement contribution rates for all members were initially set to increase by 1.5% of salary effective July 1, 2017 and by a further 0.5% effective July 1, 2019. However due to the delayed ratification of the agreement and needed CORE-CT adjustments, the 1.5% deductions did not commence on July 1, 2017. The State has completed the process of updating the CORE-CT payroll codes enabling collection of the 6 payperiod pension contributions retroactively. Members will see the impact of the “Catch-Up Contributions” beginning with check date February 2, 2018 and ending with check date July 6, 2018, at which time all contributions for FY17 will have been collected and the “Catch-Up Contributions” will cease. Pension contributions will then remain at the appropriate level for each Tier throughout FY 18-19. The final increase of 0.5% will not take effect until July 2019.
- posted 1/16/18