OFFICE OF FISCAL ANALYSIS

Legislative Office Building, Room 5200

Hartford, CT 06106 (860) 240-0200

http://www.cga.ct.gov/ofa

sHB-5591

AN ACT CREATING THE CONNECTICUT RETIREMENT SECURITY PROGRAM.

AMENDMENT

LCO No.: 4794

File Copy No.: 303

House Calendar No.: 227

OFA Fiscal Note

State Impact:

Agency Affected

Fund-Effect

FY 17 $

FY 18 $

The State

GF - Cost

Potential

Potential

Note: GF=General Fund

Municipal Impact: None

Explanation

The amendment strikes the underlying bill and its associated fiscal impact. The amendment establishes the Connecticut Small Business Retirement Marketplace (CSBRM) for certain eligible employers. The amendment requires the marketplace to be paid for by federal and private funds. However, while the amendment requires the CSMRM to be financially self-sustaining it mentions an initial state appropriation. There may be a cost to the state to the extent the state chooses to provide an initial appropriation to start to CSBRM. The amendment does not specify the amount or the source of any initial state appropriation.

The marketplace is governed by the Connecticut Retirement Security Board which is required to contract with an executive director and assistant executive director who will contract with a private sector entity to establish the CSBRM. The costs of the board and the marketplace, including the executive and assistant director, shall be supported through assessments or user fees for financial firms who offer products through the marketplace.

The preceding Fiscal Impact statement is prepared for the benefit of the members of the General Assembly, solely for the purposes of information, summarization and explanation and does not represent the intent of the General Assembly or either chamber thereof for any purpose. In general, fiscal impacts are based upon a variety of informational sources, including the analyst's professional knowledge. Whenever applicable, agency data is consulted as part of the analysis, however final products do not necessarily reflect an assessment from any specific department.