The office of State Comptroller Nancy Wyman has received an award for excellence for its redesign of Connecticut's Deferred Compensation Plan - an initiative that increased employee participation in the plan and reduced their investment fees.

The National Association of Government Deferred Compensation Administrators granted the award to Wyman's office at its annual meeting in San Antonio, Texas, on Sept. 29.

"Our redesign was the first significant change made to the plan since it was created more than 20 years ago," Wyman said. "I am proud that we were able to not only modernize our plan, but make it more attractive and affordable for employees to join."

Under the redesigned plan, employees are now offered the option of investing in more than 40 mutual funds of their own choosing, as well as in several annuity investment products. Investment fees were reduced by about 23 percent.

Since the changes were implemented in January, employee participation in the plan increased by 5 percent. About 25,500 employees, or approximately 42 percent of the state's workforce, now are enrolled in the plan.

The excellence award was accepted by Steven Weinberger, director of the Comptroller's Retirement and Benefits division, who administered the redesign of the plan.

The State Comptroller appreciates input on this and other issues from residents of the state. Please feel free to contact her office by phone - (860) 702-3300; mail - OSC, 55 Elm Street, Hartford, CT 06106; or, via E-mail - osc.opinions@po.state.ct.us

Learn more about the Connecticut Comptroller's Office by calling up our Internet Home Page, at the link below.

For Immediate Release
October 21, 1999

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