Connecticut Retirement Security Authority, Hartford, is searching for an investment consultant for the Connecticut Retirement Security Program.
The office, which oversees the statewide retirement plan open to all private-sector workers, is seeking a firm to provide ongoing monitoring, evaluation and reporting of the program's investment offerings, according to an RFP on its website.
The RFP does not disclose whether there is an incumbent firm and whether the firm is eligible to rebid.
In May 2016, then-Connecticut Gov. Dannel P. Malloy signed the Connecticut Retirement Security Program into law. The law requires all Connecticut businesses of five or more employees with no pension plan or 401(k) plan to participate in the program. Employees, who are automatically enrolled, have the ability to opt out. The program had been scheduled to launch in 2018, but the Connecticut Retirement Security Authority formed to oversee it ran out of funds. In February 2020, Gov. Ned Lamont reorganized the authority and placed it under the jurisdiction of the state comptroller's office, and in April of that year, Bank of New York Mellon subsidiary Sumday was hired as record keeper.
The program, known as MyCTSavings, officially launched in April after a pilot program had begun in the fall of 2021.
The RFP is available on the authority's website. Proposals are due at 2 p.m. EST on Nov. 16. A timeline for a selection was not provided.
Jessica Muirhead, program director, could not be immediately reached for further information.
