I recently viewed the interview of Kevin Lembo, comptroller of the state of Connecticut, discussing the state's effort to create a retirement plan for private sector workers who are not covered by a plan through their workplace (“States taking lead in creating plans for private sector,” June 29, Pensions & Investments).
His comments, as co-chair of the state's Retirement Security Board, struck me as particularly hypocritical. On the one hand, he says, “We can't walk past the issue of folks being unprepared for retirement financially.” On the other hand, Connecticut is the third worst state in the nation when it comes to funding its own pension for state workers. According to the most recent actuarial valuation, the State Employees' Retirement System was funded at just 41.5% as of June 30, 2014.
It seems to me that Mr. Lembo, Connecticut Gov. (Dannel) Malloy, and the state Legislature should spend more time fixing the financial shortfalls of the state's retirement plans before wasting time meddling in the private sector.
White Plains, N.Y.