Page 232

House Bill No. 5506

Public Act No. 22-118 232 of 739

dependent child becomes covered under a group health plan through such dependent child's own employment; or (2) the date on which such dependent child attains the age of twenty-six. (e) The provisions of subsection (d) of this section shall apply to insurance policies delivered, issued for delivery, amended, renewed or continued on or after July 1, 2022. Sec. 172. Section 10-183b of the 2022 supplement to the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2022): As used in this chapter, unless the context otherwise requires: (1) "Actuarial reserve basis" means a basis under which the liabilities of the retirement system are determined under acceptable actuarial methods and under which assets are accumulated under a program designed to achieve a proper balance between the accumulated assets and the liabilities of the system. (2) "Amortization of unfunded liabilities" means: (A) For fiscal years ending on or before June 30, 2019, a systematic program of annual payments determined as a level per cent of expected member annual salaries in lieu of a lump sum payment; and (B) for fiscal years ending on or after June 30, 2020, a systematic program of annual payments, transitioning equally over five consecutive fiscal years from a level per cent of expected annual member salaries to a level payment, in lieu of a lump sum payment. (3) "Annual salary" means the annual salary rate for service as a Connecticut teacher during a school year but not including unused sick leave, unused vacation, terminal pay, coaching or extra duty assignments, unless compensation for coaching or extra duty assignment was included in salary for which contributions were made prior to July 1, 1971. In no event shall annual salary include amounts