Gov. Dannel P. Malloy has invested $400,000 in state money to study the establishment of a public retirement plan open to private workers.
His signature Monday of the legislation passed this spring creates the Connecticut Retirement Security Board, which will study the possibility of a state-run retirement plan that could cover more than 740,000 workers who currently don’t participate in employer retirement plans.
The governor and other key state officials must appoint the board members by July 31, and the members must return their study of the retirement plan’s feasibility to the legislature by April 1, 2016.
The idea behind the plan is to provide for private workers a guaranteed rate of return, universal access, low administration costs, and transparent administration.
