CT Retirement Security Authority Holds First Meeting

The Connecticut Retirement Security Authority (CRSA), the body created by a state law enacted in May 2016 to implement the law establishing the state-sponsored retirement plan, has begun meeting.

According to the ctpost, Connecticut State Comptroller Kevin Limbo expects the authority’s work to take approximately one year.

Under state law, the CRSA:

• adopts an annual budget and plan of operations;

• handles its own personnel matters;

• acquires and contracts for the real and personal property and services it needs in order to function;

• uses surplus funds to the extent allowed;

• may modify the retirement plan as it deems necessary in order to keep it in compliance with federal law and from running afoul of ERISA; and

• establishes administrative processes for participants, potential participants and employees to use in airing grievances, complaints and appeals.

The CRSA was to have been put together by Jan. 1, 2017. Finding members qualified under the criteria the state legislature set, however, proved more time-consuming than anticipated, Connecticut Senate President Pro Tem Martin Looney (D-New Haven) told the ct mirror. The CRSA had a quorum of members by that date, but it lacked a chairman empowered to call a meeting at that time.