Connecticut Retirement Security Board, Hartford, hired Mercer and Oliver Wyman to design a retirement program, conduct a financial feasibility study and provide general consulting services, and selected Boston College’s Center for Retirement Research to conduct a market analysis.
An RFP was issued in January.
David S. Barrett, a spokesman for Connecticut Treasurer Denise Nappier, said the General Assembly established the CRSB in 2014 to conduct a market feasibility study and to develop an implementation plan for a public retirement program for private-sector employees.
The study will include a market analysis, recommend a program design and then examine the financial feasibility of the program based on the market analysis and recommended program design.
The board is required to report its findings by Jan. 1, 2016, and to develop a comprehensive proposal for creation of such a program by April 1, 2016. An initial $400,000 was appropriated to finance its activities.
Ms. Nappier is the sole trustee of the $29.4 billion Connecticut Retirement Plans & Trust Funds, Hartford.