2015 Connecticut General Statutes
Title 31 - Labor
Chapter 574 - Connecticut Retirement Security Board. Public Retirement Plan
Section 31-411 - Connecticut Retirement Security Board.

(a) There is established the Connecticut Retirement Security Board that shall conduct a market feasibility study regarding the implementation of the public retirement plan and develop a comprehensive proposal for the implementation of such plan.

(b) Notwithstanding the provisions of section 4-9a, the board shall consist of the following members:

(1) One appointed by the president pro tempore of the Senate, who shall be an expert on retirement plan designs and who shall serve an initial term of four years;

(2) One appointed by the speaker of the House of Representatives, who shall represent an organization whose principal purpose is advocacy for seniors and who shall serve an initial term of four years;

(3) One appointed by the majority leader of the Senate, who shall be an organized labor representative and who shall serve an initial term of four years;

(4) One appointed by the majority leader of the House of Representatives, who shall be an individual who manages employee retirement plan options in the private sector and who shall serve an initial term of four years;

(5) One appointed by the minority leader of the Senate, who shall have expertise in designing retirement plan options for businesses and who shall serve an initial term of three years;

(6) One appointed by the minority leader of the House of Representatives, who shall be an individual with expertise in consumer retirement planning and who shall serve an initial term of three years;

(7) Two appointed by the Governor, one of whom shall be a plan participant or potential plan participant and one of whom shall have expertise regarding the federal Employment Retirement Income Security Act of 1974 or the Internal Revenue Code, or both, both of whom shall serve an initial term of three years;

(8) One appointed by the State Comptroller and one appointed by the State Treasurer, both of whom shall be experienced in matters relating to investments and both of whom shall serve an initial term of three years;

(9) The State Comptroller, or the Comptroller’s designee;

(10) The State Treasurer, or the Treasurer’s designee;

(11) The Labor Commissioner, or the commissioner’s designee; and

(12) The Secretary of the Office of Policy and Management, or the secretary’s designee.

(c) All appointments to the board shall be made not later than July 31, 2014. Following the expiration of their initial terms, subsequent members appointed by the Governor and members of the General Assembly shall serve three-year terms. Any vacancy shall be filled by the appointing authority not later than thirty calendar days after the office becomes vacant. Any member previously appointed to the board may be reappointed.

(d) The State Comptroller and the State Treasurer shall serve as chairpersons of the board. Said chairpersons shall schedule the first meeting of the board, which shall be held not later than forty calendar days after July 1, 2014. The board shall meet at least monthly.

(e) The members shall serve without compensation but shall, within available appropriations, be reimbursed in accordance with the standard travel regulations for all necessary expenses that they may incur through service on the board.

(f) Each member shall, not later than ten calendar days after appointment, take an oath of office that so far as it devolves upon the member, the member will diligently and honestly administer the affairs of the board, and will not knowingly violate or willingly permit to be violated any of the provisions of law applicable to the establishment of the plan. Each member’s term shall begin from the date the member takes such an oath. The oath shall be administered by a chairperson of the board.

(g) Each member shall be entitled to one vote on the board. A majority of the members that have been appointed to the board shall constitute a quorum for the transaction of any business, the exercise of any power or the performance of any duty authorized or imposed by law.

(h) The board shall be within the office of the State Comptroller for administrative purposes only.

(i) The board may:

(1) Enter into one or more contractual agreements, as necessary, including contracts for legal, actuarial, accounting, custodial, advisory, management, administrative, advertising, marketing and consulting services and pay for such services using funds deposited in an account established by the State Comptroller pursuant to section 31-413; and

(2) Form working groups, as necessary, to solicit feedback from key stakeholders on the design of the plan, advocate for changes in federal retirement law to improve retirement security, assess the impact of the plan on reducing public assistance costs for the elderly in the state and determine if changes in federal or state tax law would help employees in the state save for retirement.

(P.A. 14-217, S. 181.)

History: P.A. 14-217 effective July 1, 2014.

See Sec. 4-38f for definition of “administrative purposes only”.