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Connecticut governor signs state retirement security board into law

Dannel Malloy, governor of Connecticut
Connecticut Gov. Dannel Malloy

Connecticut Gov. Dannel Malloy signed into law legislation to invest $400,000 to establish the creation of a statewide retirement plan open to all private-sector workers.

The funds were approved in the 2014-'15 budget passed by state legislators on May 3.

The Connecticut Retirement Security Board, which is made up of employees, employers, investment experts and representatives of the governor's office, will be responsible for researching and laying the groundwork for creating a state-level individual retirement account open to all private-sector workers.

The board, chaired by the state Treasurer Denise L. Nappier and state Comptroller Kevin Lembo, has been charged with providing a guaranteed rate of return, universal access and portability, and low administrative costs. It is expected to report its findings and a plan for implementation to the General Assembly by 2016.

Ms. Nappier is the principal fiduciary of the $28.5 billion Connecticut Retirement Plans & Trust Funds, Hartford.

The initial idea for a statewide retirement plan was introduced in the General Assembly's Labor and Public Employees Committee in February as the “Retirement for All” bill. Many portions of that original bill, which was never voted on, were included in the state budget bill.