OFFICE OF FISCAL ANALYSIS
Legislative Office Building, Room 5200
Hartford, CT 06106 ↓ (860) 240-0200
AN ACT CREATING THE CONNECTICUT RETIREMENT SECURITY PROGRAM.
LCO No.: 5667
File Copy No.: 747
House Calendar No.: 227
Senate Calendar No.: 522
OFA Fiscal Note
NO FISCAL IMPACT
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 and requires the CSMRM to be financially self-sustaining.
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.