Retirement Security Board Seeking Public Input
The Connecticut
Retirement Security Board is now seeking input and comments from business
owners and the public regarding the feasibility of a state run retirement plan
for private sector employees. Specifically,
the Board is requesting comments in response to a series of questions
concerning plan design, investments, administrative issues, legal issues, costs
and fees, vendors websites, funding, and additional information and impact such
a plan may have on small business owners and employees. Written comments may be submitted electronically
directly to the Board and are due by November 3, 2014. A complete
list of questions and background on the Board and the public comment period
can be found on the website of the Office of the State Comptroller.
The Board was created as part of last session’s massive
budget implementer bill (Sections 180 – 185 of Public
Act 14-217), over the objections of a coalition of business groups,
including representatives of large and small businesses and insurance and
financial services providers, and is tasked with conducting “a market
feasibility study regarding the implementation of the public retirement plan”
and developing “a comprehensive proposal for the implementation of such
plan.” Co-chaired by the State
Comptroller Kevin Lembo and State Treasurer Denise Nappier, the Board is
comprised of appointed representatives from various perspectives, including
seniors, potential plan participants, organized labor, retirement plan
management and consumer retirement planning, among others. Small business owners need to be aware that
the plan contemplated by the Board would require employees at all businesses
with 5 or more employees to automatically be enrolled in and participate in a
state-run retirement plan, unless the employee regularly opts out or the
employer otherwise offers a qualified retirement plan. Employers of participating employees would
have some obligations under the plan, including administering payroll
deductions and remittances to the state-run plan.
Comments may be submitted directly to the Board in
electronic format, and can be emailed to:
[email protected], with the subject
line or header “Attn: CRSB Request for
Public Comment”. Written comments will
become part of the Board’s file and will be posted on the website. Comments are due by November 3rd. In addition to the comment period, the Board
will also be holding a public hearing on the evening of November 19th,
at a location to be determined. More
information can be found on the website of the Office
of the State Comptroller.
