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Vendors Selected for Connecticut Feasibility Study of Public Retirement Plan for Private-Sector Employees

"The Connecticut Retirement Security Board (CRSB) has concluded its competitive bidding process and has selected Boston College's Center for Retirement Research to conduct a market analysis, and Mercer and Oliver Wyman to design a retirement program, conduct a financial feasibility study and provide general consulting services. Each designation is subject to successful contract negotiations.... 'The goal of this analysis is to explore a public retirement solution for private-sector employees and to fully consider the impact of each possible solution on retirement insecurity in Connecticut,' [State Comptroller Kevin Lembo] said."

Testimony at Connecticut Hearing on Proposed State-Sponsored Retirement Plan for Private-Sector Employees, November 19, 2014

Page includes links to testimony and presentation slides by Prof. Jacob Hacker, Yale University; Prof. Ian Ayres, Yale Law School; Teresa Ghilarducci, Director of the Schwartz Center on Economic Policy Analysis at the New School; Aaron Friedman, National Practice Leader, Principal Financial, on behalf of the Securities Industry and Financial Markets Association (SIFMA); and a combined presentation on "EZ IRA" by Mark Agustin, Chief Operating Officer, Aspire Financial; Steven Dimitriou, Managing Partner, Mayflower Advisors; and Andy S. Aziz, Managing Director, True Payroll Integration.

Report to Connecticut State Legislature: State-Sponsored Retirement Program for Private Sector Workers (PDF)

48 pages. "The fundamental finding is that the Program is financially feasible under a range of market scenarios and plan designs at a 6% default contribution rate. The financial analysis concludes that the Program needs approximately $1 billion in assets to reach a breakeven point, the point at which the Program becomes self -- sustaining.... The remainder of this summary outlines the CRSB's recommendations to the Legislature with regard to the minimum statutory design elements and CRSB's proposed design elements."

Connecticut Takes a Big Step Towards Retirement Security for Its Residents

"The legislation, which passed on May 7] as part of a larger budget bill, provides $400,000 to start the process of creating a new state-administered retirement savings plan, which would be operated separately from the Connecticut public retirement system. The funding establishes a 14-member Retirement Security Board that is charged with conducting a market feasibility study for a new plan and developing an implementation plan, all to be completed by April 1, 2016."

Connecticut Pushes Back Implementation Date for State-Run Auto-IRA Program

"The [Connecticut Retirement Security Authority (CRSA)] is responsible for the design and implementation of a Connecticut Retirement Security Exchange for the state's private sector employers and their employees. The CRSA Board of Directors voted to defer the statutory Jan. 1, 2018 implementation date of the Exchange.... 'There appears to be misinformation that employers must purchase retirement savings products for their employees by Jan. 1, 2018,' [Labor Commissioner Scott D. Jackson] said. 'However, we want employers to be aware that this is inaccurate information.' "

Connecticut Forms Committee to Develop Retirement Plan for Private Sector Employees

"The Connecticut Retirement Security Board, which is made up of employees, employers, investment experts and representatives of the governor's office, will be responsible for researching and laying the groundwork for creating a state-level public IRA plan open to all private-sector workers."