STATE OF CONNECTICUT
THE STATE COMPTROLLER
55 ELM STREET
HARTFORD, CONNECTICUT 06106-1775
July 10, 2002
Dear 403(b) Program Participant:
Earlier this year, the Office of the State Comptroller (OSC) began to communicate with you about certain significant improvements to the Connecticut 403(b) Program that are scheduled to take effect in July 2002. Central to these improvements is the competitive selection of six authorized Financial Services Organizations (FSOs) that, in the aggregate, will offer to Program participants a choice of nearly one hundred twenty investment vehicles across the full risk spectrum.
To date, OSC mailed an announcement of 403(b) Program revisions, followed by a quarterly newsletter, to you (both unified by the common "Dollar Wise" theme), sponsored educational workshops across the state on the new Program and, chances are, you have been contacted by representatives from more than one of the six authorized FSOs.
These efforts to communicate with you notwithstanding, records maintained by OSC reflect that you are contributing to an FSO scheduled to exit the Program at the end of the month. Consequently, unless you complete a Salary Reduction Agreement (Form CO-1091) and submit it to your agencys personnel/payroll office no later than the close of business on Friday, July 26, 2002, your contributions to the Program will conclude in the biweekly pay period from June 28, 2002 to July 11, 2002 (check date: July 26, 2002). Effective with the biweekly pay period from July 12, 2002 to July 25, 2002 (check date: August 9, 2002), deferrals will be transmitted only to the Programs six authorized FSOs.
The 403(b) Program is a valuable employer-sponsored benefit, the quality of which will be greatly enhanced by the reforms scheduled for implementation this month. Accordingly, I urge you to avoid an interruption in your deferrals by calling one or more of the Programs six authorized FSOs and then following-up with your agency's personnel/payroll office no later than the close of business on Friday, July 26, 2002.
Contact information for the Program's FSOs appears on the reverse side of this letter.
Very truly yours,
Steven Weinberger, Director
Retirement & Benefit Services Division
CONNECTICUT 403(b) PROGRAM
AUTHORIZED FINANCIAL SERVICES ORGANIZATIONS
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