STATE OF CONNECTICUT
THE STATE COMPTROLLER
|Wyman Announces Higher Interest Rate for State Retirement-Savings Plans|
|Contact: Steve Jensen|
State Comptroller Nancy Wyman today announced that the state's retirement-savings plans will realize its second net interest rate increase since the start of the year.
As of April 1, the Connecticut Stable Value Fund for the State of Connecticut Deferred Compensation (457) Plan, Alternate Retirement Plan (ARP) and the State of Connecticut 403(b) Plan will credit a net interest rate of 4.75% to participant accounts.
This is the second increase in credited rates since January 1, when the credited rate increased from 4.0% to 4.5%.
"Our goal is to continually monitor the interest rate environment to make sure that participants in all three State of Connecticut's defined contribution plans earn the highest interest that can be supported by economic conditions," Wyman said.
The State of Connecticut Deferred Compensation plan is available to all state employees and currently has 26,000 participants.
The Alternate Retirement Plan is available to faculty and certain administrative staff of the University of Connecticut, Connecticut State University system, and the State's community colleges and currently has 8,000 participants.
The State of Connecticut 403(b) Plan is available to employees of higher education and certain other state-affiliated agencies and currently has 5,100 participants.
The $520 million Connecticut Stable Value Fund currently includes assets managed by ING and The Hartford.
All money invested in the Stable Value Fund, including current accumulations, will receive the higher interest rate.
The State Comptroller appreciates input on this and other issues from residents of the state. Please feel free to contact her office by phone - (860) 702-3300; mail - OSC, 55 Elm Street, Hartford, CT 06106; or, via E-mail - firstname.lastname@example.org
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