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Understanding The 2.2 Upgrade Option - Public School Teachers ...

Understanding The 2.2 Upgrade Option - Public School Teachers ...

When Can You

When Can You Upgrade?You can purchase the 2.2 upgrade any time priorto retirement, provided you have at least oneyear of service with CTPF after July 1, 1998. Anapplication to upgrade may only be made oncewithin a five-year period.Service PurchasesIf you purchase the 2.2 upgrade, you mustupgrade all your service, including any optionalservice you may have purchased.Optional service purchases (for service beforeJuly 1, 1998) made after a 2.2 upgrade must beupgraded.ReciprocityThe only other state retirement system thatprovides a 2.2 Upgrade Option is the Teachers’Retirement System of the State of Illinois (TRS).If you have reciprocal service with TRS, you mayupgrade both CTPF and TRS service or you maychoose to upgrade one or the other. Each systemwill determine its respective upgrade cost andpayment options based on its specific rules.If you retire with 30 or more years of combinedservice credit in a reciprocal pension, you mayreceive an upgrade at no cost if you meet thefollowing conditions:1. Your final service credit is with CTPF.2. Your final service credit includes at leastone year post July 1, 1998.If you retire under a reciprocal pension and CTPFis not your final retirement system, your servicecredit will be upgraded at no cost only if you have30 or more years of CTPF service credit.

Refund of Upgrade Cost at RetirementFor every 3 years of service credit earned afterJuly 1, 1998, the cost to upgrade is reduced by1 year. If you pay for the upgrade and then retirewith fewer than 30 years of service, you mayreceive a partial refund. Your final cost will bedetermined at retirement.If you pay for the 2.2 upgrade prior to retirementand then retire with 30 or more years of servicecredit, the amount you paid will be refunded with5% annual interest.Survivor PensionsIf you die before completing payment for the2.2 upgrade, survivor pensions will be determinedas if the upgrade was paid in full. If there areno eligible survivors, any amount paid will berefunded to your designated beneficiariesor estate.More InformationIf you need additional information about the2.2 Upgrade Option, contact CTPF MemberServices at 312.641.4464. Additional informationabout pension benefits can be found in the CTPFnewsletter, Pension News, and at www.ctpf.org.

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