Do you find yourself struggling with your plans for retirement? What will your pension look like? How much supplemental savings will you need to enjoy the lifestyle you had always dreamed of? For years, it has been my passion to empower men and women like you to make the most informed choices you can when it comes to your retirement. This week, I decided to focus on the answer to another question asked by a member of our growing audience. On this episode, I’ll cover three things you need to know about purchasing service credit for Connecticut teachers. If you’d like me to address a topic you are interested in, make sure to leave a comment below! 

<>

You will want to hear this episode if you are interested in...

• What service credit is available [2:00] 
• The best time to purchase credits [5:00] 
• Make sure you are choosing the right option [9:00]
• Closing thoughts [12:00]

What is service credit and who is it available to? 

In the state of Connecticut, teachers are a part of the Connecticut Teachers' Retirement System (CTRS). The system was established in 1917 and is the largest public retirement system in the state. CTRS uses a program based on credits, there are numerous types of service credit that may be purchased to increase an educator’s retirement benefit. Some are treated the same as actual Connecticut public school teaching service and some are considered as Non-Connecticut. Here is a list of PURCHASABLE SERVICE CREDIT where you will find a list of purchasable credit along with links to the corresponding form(s) required to document the credit.

You can purchase additional credited services before the time of retirement or at the time benefits commence. If an active employee dies after attaining eligibility to receive an immediate retirement benefit and has designated his/her spouse as his/her primary beneficiary, the surviving spouse can purchase additional credited service in accordance with the laws and regulations in effect at the time of the member’s death.

Don’t wait! 

Over the years, I’ve seen too many men and women who asked the right questions too late in the game. Don’t let that happen to you! Take full advantage of the resources available so you can get a jump start on your retirement. Even if retirement still feels like several miles away, it won’t hurt to do some of the leg work now so you can rest easy. What are you waiting for, grab pen and paper - you don’t want to miss a minute of this informative episode! 

Resources Mentioned on This Episode

• https://portal.ct.gov/TRB/Content/Active-and-Inactive/Active-and-Inactive-Menu/Purchase-Service-Credit
• https://portal.ct.gov/TRB/Content/Active-and-Inactive/Active-and-Inactive-Menu/Purchase-Service-Credit/Additional-Service-Credit-Cost-Estimator
• https://portal.ct.gov/-/media/TRB/Content/ActiveInactive/AI_VOLSUP20.pdf

Connect With Morrissey Wealth Management 

www.MorrisseyWealthManagement.com/contact