House Bill 5515 (sHB5515 File No. 599) establishes the Connecticut Municipal Retirement Commission, which will assume the responsibilities previously held by the State Employees Retirement Commission for the Municipal Employees Retirement System (MERS) and the Policemen and Firemen Survivors’ Benefit Fund, effective January 1, 2025. The new commission will be composed of 13 members, including the State Comptroller and State Treasurer as nonvoting, ex-officio members, and 11 appointed trustees with specific qualifications. The bill requires trustees to act as fiduciaries, mandates training and orientation for new trustees, and outlines the commission's meeting requirements and quorum. It also assigns the State Treasurer as the fiduciary for the funds' assets and requires an annual consolidated report on fiscal transactions.

The bill allows MERS retirees who take employment with a nonparticipating municipality to continue receiving their retirement allowance and participate in that municipality's retirement system. It also mandates the State Comptroller to create a municipal defined contribution retirement plan by July 1, 2025, which municipalities can adopt. The bill includes technical and conforming changes, repeals an obsolete study requirement, and redefines certain terms to align with the amendments. The fiscal impact on the General Fund and municipalities is indeterminate at this time. Some provisions are effective upon passage, while others have different effective dates. The bill includes insertions of new legal language and deletions of existing legal language to reflect these changes.

Statutes affected:
Raised Bill: 7-323a, 7-439f
FIN Joint Favorable: 7-323a, 7-439f
File No. 599: 7-323a, 7-439f