Conn. Agencies Regs. § 10-183l-6 - Installment purchase of service

Current through March 4, 2022

If a member elects to purchase prior Connecticut teaching service credit other than by the payment of a single lump sum, such an installment purchase may only be accomplished through payroll deductions by the member's employer. An installment purchase agreement need not cover all the service credit available to the member. In any event the entire payment including interest must be concluded prior to the member's retirement. A member may at any time prepay the balance due on an installment purchase agreement. If a person ceases to be an active member, such person loses the right to continue installment payments. If payments are not made in accordance with the installment purchase agreement between the member and the board whether because a person ceases to be an active member or because the member terminates the authority of the employer to continue payroll deductions, the member shall receive that portion of the service credit being purchased under the installment purchase agreement which the principal amounts already paid bear to the entire principal amounts originally required by the agreement. That portion of the service credit not received as the result of termination of installment payments may be purchased at a later time, provided, however, that the same period of prior Connecticut service may not be the subject of more than two purchase agreements.

Notes

Conn. Agencies Regs. § 10-183l-6
Effective November 25, 1992

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