RETIREMENT & BENEFIT SERVICES DIVISION MEMORANDUM

July 15, 1998

TO THE HEADS OF ALL STATE AGENCIES

With the passage of Public Act No. 97-103, the Comptroller's Office obtained authority to offer to participants in the Deferred Compensation (457) Program the opportunity to invest directly in mutual funds by removing the historical limitation to fixed and variable annuity products. Using Public Act No. 97-103 as a springboard, the Comptroller's Retirement & Benefit Services Division has been working to incorporate the new mutual funds option in the 457 Program, as well as to further modernize, improve, and professionalize the administration of this important supplement to the State Employees Retirement System.

The Division's work having reached completion, the purpose of this memorandum is to invite personnel and payroll officers with benefits administration responsibility to attend a Workshop on Thursday, August 6, 1998 from 9:00 a.m. to 12:00 p.m. at the Radisson Hotel and Conference Center in Cromwell. Workshop registration is scheduled from 9:00 a.m. to 9:30 a.m. during which a continental breakfast will be served. The Radisson is located off Exit 21 on I-91; from either the north or south, turn left at the end of the exit ramp and proceed to the Radisson, which is located on Route 372, on the left.

At the Workshop, the Division will present the new 457 Program, discuss the policy considerations which produced its revised structure and content, and respond to questions generated by this information. The Workshop will also include an Investor Education Seminar conducted by the 457 Program's Third Party Administrator, Buck Consultants; this Seminar - the centerpiece of the Division's communication effort - is the vehicle through which employees will be informed of the changes that have been made to the Deferred Compensation Program. Personnel and payroll officers in attendance will then be given the opportunity to schedule this Investor Education Seminar for presentation by Buck to employees of their agencies. As the new 457 Program offers a revised menu of investment alternatives over a wide spectrum of risk, it is critical that employees be provided with access to the Buck Seminar.

While there is no charge to attend the Workshop, it is necessary for all personnel and payroll officers planning to participate to pre-register by completing the tear-off portion of this memorandum and returning it by mail or fax to the Division no later than the close of business on Tuesday, August 4, 1998.

The Division's activities relative to this Workshop are being coordinated by Linda Arn, who may be reached with any concerns at (860) 702-3483.

Very truly yours,

NANCY WYMAN, STATE COMPTROLLER

BY:

Steven Weinberger, Director
Retirement & Benefit Services Division

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Deferred Compensation Program Workshop
Radisson Hotel and Conference Center, Cromwell
9:00 a.m. to 12:00 p.m.
Thursday, August 6, 1998

Please pre-register the following:

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Name(s)

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Agency

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Telephone

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