Category: Retirement

UPDATE: Pension Re-Amortization Discussions 7/18/19

UPDATE: Pension Re-Amortization Discussions 7/18/19

SEBAC and the Lamont Administration have completed their discussions on pension re-amortization in accordance with the recently passed biennial budget and have reached an agreement. It keeps the parties’ commitment to make no change in pension benefits. The agreement will be submitted to the General Assembly for approval. This is part of our continuing effort […]

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SAG Award

SAG Award

If you were a participant in the Alternate Retirement Program (ARP) as of September 2010, you should have received a letter from the Retirement Division with regard to the SEBAC ARP Grievance Award. All employees who received the letter will need to complete the SEBAC ARP Grievance Award transfer form (CO-994a), regardless of electing to […]

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SEBAC 2017 Agreement: Pension Deduction Increases to Be Seen in 2/2 Paystub

SEBAC 2017 Agreement: Pension Deduction Increases to Be Seen in 2/2 Paystub

You may have already been notified, but we wanted to make sure that you heard that the pension deduction increases will be seen in the February 2nd paycheck. The increase was effective on October 1, 2017 but the Comptroller’s Office was not able to implement the change until now. SEBAC provided the following question and […]

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“Day of Hire” Pension Rule

“Day of Hire” Pension Rule

In order to comply with IRS regulations, new higher education and education employees will need to choose their pension plan no later than their date of hire beginning on March 31, 2017. It is critical, given the unfortunately short time frame for an employee to make such a crucial life decision, that very short, readable, and […]

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Agreement Reached to Shore Up State Employees’ Retirement Security

Agreement Reached to Shore Up State Employees’ Retirement Security

State employee union leaders and the governor’s administration have been in discussions over pension funding for nearly a year in an effort to smooth out the pension liability. Yesterday, they reached agreement to restructure state employee pension fund payments. The agreement does not impact members’ retirement benefits or require increased employee contributions; it does, however, stabilize pensions […]

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