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Comptroller Sets Up Task Force to Look at Deferred Compensation Issues

Contact: Bob King
860-703-3311 or 860-702-3300

State Comptroller Nancy Wyman has named a five-member task force to review the deferred compensation program currently offered to state employees. Wyman has asked the task force to study all aspects of the program so that employees receive the best possible return on their investments.

"I'm looking for recommendations over a broad spectrum of issues," Wyman said. "This is a great opportunity to take a comprehensive look at a program that affects thousands of state employees." She said she has asked for a report by March, in part so that if any legislation was deemed necessary it could be considered in the 1996 legislative session.

The task force will be headed by former state Sen. Michael Meotti as chairman. Other members include Paul Sylvester, Deputy State Treasurer; Stanley Palasek, a former benefits manager for United Technologies Corp. who handled deferred compensation matters there; Jeff Brandon, group vice-president at Advest Inc., and Richard J. Shima, chairman of the Board of Directors of Environmental Warranty Inc. of West Hartford.

State auditors recently recommended that the Comptroller's office take over full administration of the plan, which as of last July had $341.9 million invested on behalf of 18,569 employees. Administration is currently overseen by an outside consultant, or "plan administrator," whose fees are paid directly by the plan's vendors.

Wyman agrees in principle with the auditors' report but wants the task force to go beyond a review of just administrative procedure. "My goal is to review the entire program," Wyman said.

For Immediate Release
February 1, 1996

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