The Southern Fairfield County Retired Teachers’ Association met with Lou Laccavole, the Fiscal Administrative Supervisor of the Connecticut State Teachers’ Retirement Board on April 10, 2014. Darlene Perez, the Administrator of the TRB was scheduled to speak but was unable to attend. Mr. Laccavole gave us a quick overview of the TRB and some of its responsibilities to active and retired teachers. At the moment there are approximately 55,000 active, 35,000 retired and 10,000 inactive teachers whose benefits are administered through the TRB. The Connecticut Teachers Retirement System is governed by Chapter 167a of the CT General Statutes and is administered by the TRB located in Hartford. The Board consists of fourteen members: four active teacher members, two retired teacher members, the Commissioner of the Department of Education, the State Treasurer, The Secretary of the Office of Policy and Management, and five public members appointed by the governor. All members serve without pay.
Among the issues which Mr. Laccavole addressed were the retired teachers Health Insurance Premium Account (HIPA) for which the state provided only 25% funding, down from the 33% statutory requirement.
Another issue concerns the CT legislature allowing the state to use the Retiree Drug Subsidy from the federal government as the state’s contribution to the Health Insurance Premium Account (HIPA). This represents a loss of 11 million dollars to HIPA.
There was also a discussion of Governor Malloy’s plan to exempt 25% of the state income tax from our pensions in 2014 and 50% in 2015.
Several questions and suggestions were made to Mr. Laccavole by the attendees.
Among them:
- When and where are the TRB meetings held? All meetings are held at the RTB boardroom at 765 Asylum Ave. Hartford. Meeting schedules may be found at www.ct/trb. (The next meeting is scheduled for April 30, 2014 at 2:00 PM, however be sure to check for cancellations). The meetings are open to the public.
- A suggestion was made that the meetings be videotaped and shown on CT television or be available to the public.
- The TRB has no paid lobbyist and most attendees felt this is an important consideration to pursue.
- Another suggestion was made that the TRB should establish a trust, which would allow for better investment terms.
Mr. Laccavole listened and responded with some interest to the suggestions. All in all, a rather provocative meeting for us all.