COMPTROLLER LEMBO, TREASURER NAPPIER REQUEST PUBLIC COMMENT ON PUBLIC
RETIREMENT PLAN FOR PRIVATE SECTOR EMPLOYEES
Friday, October, 2014 | Contact: Tara
Downes (860.702.3308 |
HARTFORD - State Comptroller Kevin Lembo and State Treasurer Denise L. Nappier,
as co-chairs of the Connecticut Retirement Security Board (CRSB), today issued
requests for public comment and information regarding the feasibility of a
state-sponsored retirement plan for private sector employees.
The CRSB, created this year by Public Act 14-217, was mandated by the
legislature to conduct a market feasibility study and to report its findings by
Jan. 1, 2016. Thereafter, the CRSB must develop a comprehensive proposal for
implementing such a plan by April 1, 2016.
The market feasibility study will include a market analysis, recommend a plan
design based on the results of such market analysis, and an assessment of the
financial feasibility based on both the market analysis and recommended plan
Lembo and Nappier said they are requesting written comment in order to help the
CRSB with its market feasibility study.
"This concept - to create a public retirement solution for private sector
employees - can only be successful if everyone has a voice in this research and
planning process," Lembo said. "Retirement insecurity impacts every household
and every sector, whether you're an employee of a small business, big business
or in government, so we want everyone at the table."
Treasurer Nappier added, "Retirement security, and the viability of strategies
to provide it, has an enormous impact on our economy and society. As State
Treasurer, I support any effort to encourage savings, and believe that the
Board's study will foster a constructive dialogue around the options available
to spur retirement savings. Public input is an essential element of our work."
The CRSB's market feasibility study will examine the goals and design features
of the plan, including likely participation rates, contribution rates, rate of
account closures and rollovers, ability to provide employers with a payroll
deposit system for remitting contributions from employees, funding options for
implementation of the plan and likely insurance costs.
It will also examine whatever legal compliance is necessary to ensure that the
individual retirement accounts qualify for the favorable federal income tax
treatment ordinarily accorded to individual retirement accounts under the
Internal Revenue Code.
The goals and design features would include increasing access and enrollment in
quality retirement plans without incurring debts or liabilities to the state; a
reduced need for public assistance; and transparency and accountability in the
management and oversight of the retirement funds.
Written public comments are due Nov. 3, and will be followed by a public hearing
on Nov. 19 at a location to be determined at which the public is invited to
More details about the request for public comment, including how and where to
submit comments, are available on the CRSB's website at
In addition to the request for public comment, the CRSB is seeking information
from qualified vendors to conduct general consulting, market analysis, program
design, and financial feasibility consulting services. Interested vendors are
asked to provide information regarding their qualifications, in addition to
their availability and interest in providing the requisite services.
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