Connecticut State Treasurer Christopher Burnham plans to seek legislation to establish a defined contribution plan for state employees that would eventually replace the state's defined benefit plan. Mr. Burnham, sole trustee of the $12 billion Connecticut Trust Funds, said new employees probably will be offered only the defined contribution plan. How existing employees would be affected has not been decided. The legislation will be drafted in November or December, to be introduced in the 1997 legislative session. Mr. Burnham is certain he could find a sponsor to introduce the bill.
Mr. Burnham said he also expects to see legislation reintroduced in January to form a six-member board of trustees for the pension fund, which would replace the single trustee system. A previous bill was never voted on during the last legislative session.
