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Board warns adding nongovernmental groups like CIAC/CAS risks TRS tax‑qualified status; Hamden Children's Center slated for sunset in bill
Summary
Teachers' Retirement Board staff told the Appropriations subcommittee that adding nonprofit groups such as CIAC and CAS to the Teachers' Retirement System could jeopardize the plan’s tax‑qualified status under federal law and that the board seeks to remove remaining nongovernmental entities, including Hamden Children's Center.
Teachers' Retirement Board representatives told the Appropriations subcommittee that nonprofit associations such as CIAC (the Connecticut Interscholastic Athletic Conference) and CAS (the Connecticut Association of Schools) are ineligible to participate in the state's tax‑qualified Teachers' Retirement System and said allowing them to remain could risk the plan’s qualification under federal tax rules.
“CIAC…are nongovernmental entities, so they do not qualify to participate in the teacher's pension plan,” Helen said. She added the organizations “do not meet any of the criteria of the IRS guidelines to participate. They would risk the disqualification of the plan for our members, and that would cost…members…
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