Connecticut Senate Bill SB00448

Connecticut 2011 Regular Session

• Introduced: 1/21/11
• Refer: 1/21/11

Caption

An Act Concerning The State Employees Retirement Commission.

Impact

The bill is expected to have a significant impact on how the State Employees Retirement Commission operates. By adding the State Treasurer to the commission, it encourages a more integrated approach to financial decision-making and oversight. Furthermore, the requirement for the commission to evaluate reports from national administrators prior to setting assumed rates is intended to ensure that these rates are based on realistic and informed projections, thereby potentially improving the fiscal health of the retirement system.

Summary

SB00448, also known as An Act Concerning The State Employees Retirement Commission, seeks to amend the existing statutes regarding the State Employees Retirement Commission in Connecticut. The bill proposes the inclusion of the State Treasurer as a member of the commission and mandates the commission to review reports from the National Association of State Retirement Administrators before adopting any assumed rates of return for investments. This change aims to enhance the expertise and oversight within the commission concerning state employees' retirement funds.

Contention

While the bill is largely focused on ensuring a more accountable and informed approach to managing the state's retirement funds, it may face scrutiny regarding the balance of power within the commission. Some stakeholders may express concerns about the influence the State Treasurer could exert over the commission's decisions. The emphasis on realistic rates of return may also generate debate among members who may have differing views on investment strategies. Furthermore, the mandated annual status report to the joint standing committee of the General Assembly on the fiscal health of the retirement system represents a move towards greater transparency, which is likely to be welcomed by proponents of public accountability.