January Session, 2013
LCO No. 8547
SEN. OSTEN, 19th Dist.
SEN. LOONEY, 11th Dist.
"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 from passage) (a) There is established the Public Retirement Savings Plan task force to study the feasibility of establishing a publicly administered retirement savings plan to provide: (1) Universal coverage for residents of the state, (2) professional investment management, (3) a guaranteed rate of return, (4) shared risk and responsibility for plan assets, and (5) transparent administration.
(b) The task force shall consist of the following members:
(1) The chairpersons and ranking members of the joint standing committees of the General Assembly having cognizance of matters relating to labor and public employees and aging, or the chairpersons and ranking members' designees;
(2) One appointed by the speaker of the House of Representatives, who shall represent an organization whose principal purpose is advocacy for seniors;
(3) One appointed by the president pro tempore of the Senate, who shall be a representative of organized labor;
(4) One appointed by the majority leader of the House of Representatives, who shall be a representative of the business community who manages retirement plan options for employees;
(5) One appointed by the majority leader of the Senate, who shall be an expert on retirement plan designs;
(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 minority leader of the Senate, who shall be an expert in designing retirement plan options for businesses;
(8) One appointed by the Governor, who shall be an academic expert on the needs of the aging population;
(9) The State Comptroller, or the Comptroller's designee;
(10) The State Treasurer, or the Treasurer's designee;
(11) The Secretary of the Office of Policy and Management, or the secretary's designee;
(12) The executive director of the Commission on Aging, or the executive director's designee;
(13) The Labor Commissioner, or the commissioner's designee; and
(14) The Commissioner on Aging, or the commissioner's designee.
(c) Any member of the task force appointed under subdivisions (2) to (8), inclusive, of subsection (b) of this section may be a member of the General Assembly.
(d) All appointments to the task force shall be made not later than July 1, 2013. Any vacancy shall be filled by the appointing authority.
(e) The speaker of the House of Representatives and the president pro tempore of the Senate shall select the chairpersons of the task force from among the members of the task force. Such chairpersons shall schedule the first meeting of the task force, which shall be held not later than July 15, 2013.
(f) The administrative staff of the Commission on Aging and 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 task force.
(g) Not later than December 31, 2013, the task force shall submit a report on its findings and recommendations to the joint standing committees of the General Assembly having cognizance of matters relating to labor and public employees and aging, in accordance with the provisions of section 11-4a of the general statutes. The task force shall terminate on the date that it submits such report or December 31, 2013, whichever is later.
Sec. 2. (Effective July 1, 2013) (a) The task force established pursuant to subsection (a) of section 1 of this act shall designate a working group comprised of experts in the field of aging to study: (1) The needs of aging populations, (2) the effect of changes in employee benefits on the labor market, (3) the access certain communities currently have to retirement planning, and (4) deficiencies in the current retirement system.
(b) The members of the working group shall be designated not later than thirty days after the effective date of this section. The chairpersons of the task force shall designate the chairpersons of the working group.
(c) Such study shall include, but not be limited to, an examination of (1) the ability of state residents to access employer-sponsored retirement plans, (2) the types of employer-sponsored retirement plans offered by employers in the state, (3) estimates of the amount of savings and other financial resources that residents of this state have at retirement, (4) estimates of the amount of savings and other financial resources necessary for a financially secure retirement, (5) to what extent residents of the state rely on public assistance benefits as a result of insufficient retirement savings or income, (6) current tax incentives offered by the state to encourage residents to increase their retirement savings, (7) statistics on the utilization and effectiveness of such tax incentives by residents of this state, (8) opportunities the state may pursue to encourage residents of this state to prepare for retirement, and (9) whether the federal Employee Retirement Income Security Act of 1974 would prohibit the state from requiring employers that offer a retirement savings arrangement such as a defined benefit plan or an employee retirement plan described in section 401(k) of the Internal Revenue Code of 1986, as amended from time to time, to allow each employee that is excluded from such retirement savings arrangement by virtue of his or her status as a collectively bargained employee or otherwise, to make payroll deposit contributions to a public retirement plan.
(d) Not later than December 31, 2013, the working group shall submit a report to the task force on the results of the study conducted pursuant to subsection (b) of this section. "
This act shall take effect as follows and shall amend the following sections:
July 1, 2013