Connecticut Gov. Ned Lamont is reorganizing the Connecticut Retirement Security Authority by staffing it with a 14-person board and placing it under the jurisdiction of the state comptroller's office.
CRSA was formed in January 2017 to create and implement the Connecticut Retirement Security Program, a retirement savings plan for private-sector workers in Connecticut with no access to an employer-based retirement fund. It was formed after then-Gov. Dannel P. Malloy signed the Connecticut Retirement Security Program into law on May 27, 2016.
The state's retirement security program is designed to offer "more than half a million Connecticut workers a real opportunity to save for retirement through easy payroll deductions," said a news release from the governor's office.
This move is part of a series of budget proposals, including the fiscal year 2021 budget adjustments report, that state the CRSA will evaluate the best and fastest way to implement the program, "including a multistate or regional approach that would enable participating states to provide even better services to its citizens at lower cost."
The budget adjustments report added: "The budget supports a new position to provide clerical support and allows the Office of the State Comptroller to assume operational control of the Connecticut Retirement Security Authority so we can move quickly from concept to reality."
The CRSA had been run by Executive Director Mary Fay since January 2018. But after the authority ran out of funds, Ms. Fay was laid off in January this year, confirmed Max Reiss, a spokesman for Mr. Lamont's office.
Ms. Fay could not be immediately reached for comment.