Page 251

House Bill No. 5506

Public Act No. 22-118 251 of 739

sum amount equal to the sum of such member's accumulated regular contributions, including any one per cent contributions withheld prior to July 1, 1989, and any voluntary contributions plus credited interest that had been accrued to the date benefits commenced, less an amount equal to twenty-five per cent of the aggregate benefits paid to such member [prior to] through the month of the member's death. (3) For any member who accumulates ten years of credited service in the public schools of Connecticut on or after July 1, 2019, the member's designated beneficiary shall be paid on the death of the member a lump sum amount equal to the sum of such member's accumulated regular contributions, including any one per cent contributions withheld prior to July 1, 1989, and any voluntary contributions plus credited interest that had been accrued to the date benefits commenced, less an amount equal to fifty per cent of the aggregate benefits paid to such member [prior to] through the month of the member's death. (i) [In lieu of a benefit computed under subsections (a) to (d), inclusive, of this section and under subsections (a) to (g), inclusive, of section 10-183aa, a] A member [may] shall elect one of the benefit options described in section 10-183j or any other actuarially equivalent option which the board may offer from time to time. (j) Beginning the first day of January or July which follows nine months in retirement, a retired member who retired prior to September 1, 1992, or a member's successor beneficiary, except a person receiving survivor's benefits, shall be eligible for an annual five per cent cost of living allowance on any benefit except a benefit based upon such member's one per cent contributions or voluntary contributions. Such cost of living allowance shall be computed on the basis of the retirement benefits to which such retired member or successor beneficiary was entitled on the last day of the preceding December or June except benefits based upon one per cent or voluntary contributions. Such member's successor beneficiary means any person, other than such