Connecticut Retirement Security Authority, Hartford, is seeking its first executive director, confirmed authority board member Thomas Sennett.
CRSA was formed in January 2017 to create and implement a retirement savings program for private-sector workers in Connecticut with no access to an employer-based retirement plan. It was formed after Connecticut Gov. Dannel P. Malloy signed the Connecticut Retirement Security Program into law on May 27, 2016.
The executive director will be CEO of the authority and will be responsible for managing the Connecticut Retirement Security Exchange, a new financial institution that will provide Connecticut employers with a supported program for collecting payroll contributions that will then be invested in an employee's choice of private investment funds that the board selects.
Responsibilities for the executive director will include developing a working revenue model, operating plan and budget; raising additional funds for the exchange; coordinating materials and public education efforts to explain the exchange to employers, employees and the public; and developing financial controls for the exchange.
A full description of the roles and its responsibilities is on the authority's website. Resumes and cover letters need to be submitted by 4 p.m. EST Feb. 14.
The program is expected to eventually have at least $1 billion in assets for roughly 600,000 workers in the state. Employees that participate in the plan will save for retirement through Roth IRAs. They can choose how much they want to invest and in which funds.
At its Sept. 18 meeting, the board decided to defer the Jan. 1 implementation date of the Connecticut Retirement Security Exchange, "as the board is in the preliminary stages of its development and the members did not feel that the implementation date set forth in statute was achievable," a news release issued by the board said. The board plans to develop a project timeline by March 1.