The Connecticut General Assembly will establish a committee to develop a statewide retirement plan, according to Matthew Brokman, spokesman for Council 4 American Federation of State, County and Municipal Employees, the state public employee union.
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 public IRA plan 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. Ms. Nappier is the principal fiduciary of the $27.1 billion Connecticut Retirement Plans & Trust Funds, Hartford. It is expected to report its findings and a plan for implementation to the General Assembly by 2016.
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 a state budget bill, which passed Wednesday.