The Connecticut Retirement Security Authority chose BNY Mellon subsidiary Sumday Administration as record keeper, Comptroller Kevin Lembo said.
CRSA was formed in January 2017 to create and implement the Connecticut Retirement Security Program, a retirement savings plan for an estimated 600,000 private-sector workers in the state without access to an employer-based retirement fund.
The next CRSA meeting is scheduled for May 15, where board members are expected to work on plans to implement the payroll deduction program targeted to launch before the end of the year.
Mr. Lembo, who chairs the authority, said in an April 20 statement that Sumday was chosen after a competitive bid process because of its administrative capabilities, relationships within the financial sector and commitment to building the program in partnership with the authority. Mr. Lembo said that ensuring financial security in retirement for state residents "is both a moral imperative and smart fiscal policy."