Connecticut Seal

General Assembly

Amendment

 

January Session, 2013

LCO No. 8290

   
 

*SB0005408290SRO*

Offered by:

 

SEN. MCLACHLAN, 24th Dist.

 

To: Subst. Senate Bill No. 54

File No. 309

Cal. No. 234

(As Amended by Senate Amendment Schedule "A")

"AN ACT ESTABLISHING A RETIREMENT SAVINGS PLAN FOR LOW-INCOME PRIVATE SECTOR WORKERS. "

Strike everything after the enacting clause and substitute the following in lieu thereof:

"Section 1. (Effective July 1, 2013) (a) There is established the Connecticut Retirement Security Trust Fund Advisory Council. The council shall conduct a market study to determine the feasibility of establishing a publicly administered retirement savings plan for private sector workers. Notwithstanding the provisions of section 4-9a of the general statutes, the council shall consist of the following members:

(1) One appointed by the president pro tempore of the Senate, who shall be an academic expert on retirement plan designs;

(2) One appointed by the speaker of the House of Representatives, who shall represent an organization whose principle purpose is advocacy for seniors;

(3) One appointed by the majority leader of the Senate, who shall be an organized labor representative;

(4) One appointed by the majority leader of the House of Representatives, who shall be a representative of the business community who manages employee retirement plan options;

(5) One appointed by the minority leader of the Senate, who shall be an expert in designing retirement plan options for businesses;

(6) One appointed by the minority leader of the House of Representatives, who shall be a representative of the business community with expertise in consumer retirement planning;

(7) One appointed by the Governor, who shall be an academic expert in the needs of an aging population;

(8) The State Comptroller, or the State Comptroller's designee;

(9) The State Treasurer, or the State Treasurer's designee;

(10) The Labor Commissioner, or the commissioner's designee; and

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

(b) All appointments to the council shall be made not later than July 31, 2013. Any vacancy shall be filled by the appointing authority not later than thirty calendar days after the office becomes vacant.

(c) The Comptroller and the Treasurer shall serve as chairpersons of the council. Said chairpersons shall schedule the first meeting of the council, which shall be held not later than forty calendar days after the effective date of this section. The council shall meet at least monthly.

(d) 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 council.

(e) The administrative staff of the joint standing committee of the General Assembly having cognizance of matters relating to labor and public employees shall serve as administrative staff of the council.

(f) Not later than July 1, 2014, the council shall submit, in accordance with the provisions of section 11-4a of the general statutes, a report on the findings of such market study and any recommendations therefrom to the Governor and to the joint standing committee of the General Assembly having cognizance of matters relating to labor and public employees. "

This act shall take effect as follows and shall amend the following sections:

Section 1

July 1, 2013

New section