CONNECTICUT RETIREMENT SECURITY BOARD ISSUES RFP TO CONDUCT STUDY ON FEASIBILITY OF PUBLIC RETIREMENT PLAN FOR PRIVATE-SECTOR EMPLOYEES
Wednesday, January 28, 2015 | Contact: Tara Downes (860.702.3308 | Tara Downes@ct.gov)
Contact: David S. Barrett Office of the State Treasurer 860-702-3164 |
The legislature established the CRSB last year to conduct a market feasibility study and to develop an implementation plan for a public retirement program for private-sector employees who do not currently have access to an employer-sponsored retirement plan.
The board is required to report its findings by January 1, 2016 and to develop a
comprehensive proposal for creation of such a program by April 1, 2016.
"Now that we have heard from the public on how we might structure a public
retirement plan for private sector workers, it is time to test the feasibility
of the various strategies," Nappier said. "Retirement security, and the
viability of strategies to meet this basic need, has an enormous impact on our
economy and society. I look forward to receiving proposals that will help us
determine how retirement savings can be spurred while not impacting the State's
Any proposed plan cannot have a fiscal impact on the state and would not require any businesses to contribute to such a plan. The study will examine any potential administrative burdens on small employers and will use a focus group to listen to small employers' concerns and identify ways in which the program can be designed to alleviate or minimize any potential burdens.
The study will also determine how many employers may be interested in a state
option, or would rather use a private option, if required.