Connecticut 2012 Regular Session

Connecticut House Bill HB05529

Introduced
3/15/12  
Introduced
3/15/12  
Refer
3/15/12  

Caption

An Act Concerning Public Employee's Pensions Solvency.

Impact

If passed, this bill is set to amend existing statutes regarding pension management and funding mechanisms in Connecticut. The creation of the Public Employee Benefit Solvency Authority will centralize the authority to handle not just insurance procurement but also the fiscal management of funds tied to pensions. This legislative change aims to enhance financial accountability and provide a reliable pathway for maintaining pension systems. The act seeks to reinforce the trust and integrity of public pensions, potentially restoring confidence among state employees regarding their retirement benefits.

Summary

House Bill 05529 aims to address the solvency of public employees’ pensions in Connecticut by establishing the Public Employee Benefit Solvency Authority. This quasi-public entity will be responsible for using pension fund moneys to procure insurance policies for public employees, specifically targeted at individual universal life insurance. The initiative is intended to provide a structured and sustainable method of funding the state's pension obligations, thus ensuring that retired state employees receive their due benefits without financial strains on the state budget.

Contention

Discussion around HB 05529 may involve varying opinions, particularly about the implications of establishing a new authority with significant powers. Stakeholders could express concerns regarding the potential overdependence on financial instruments and insurance for pension funding. There are also questions about the governance structure of the new authority, especially around how board members are appointed and the transparency of its operations. Furthermore, the criteria for selecting the insurance partners and the management of these contracts could become points of debate, particularly regarding the ability of the authority to navigate complex financial risks.

Companion Bills

No companion bills found.

Previously Filed As

CT HB05515

An Act Establishing The Municipal Employees Retirement Commission And Concerning The Municipal Employees' Retirement System.

CT SB00437

An Act Concerning The Structure Of The Office Of The Child Advocate Within The Office Of Governmental Accountability.

CT SB00377

An Act Concerning The Teachers' Retirement Board's Recommendations For Changes To The Teachers' Retirement System Statutes.

CT HB05002

An Act Concerning Early Childhood Care And Education.

CT SB00207

An Act Concerning Housing Authority Jurisdiction.

CT SB00008

An Act Concerning Drug Affordability.

CT SB00429

An Act Concerning A Study Of The Civil Procedure Laws In This State.

CT HB05394

An Act Concerning The Organization And Operation Of The Metropolitan District Of Hartford County.

CT HB05380

An Act Concerning The Composition Of The Judicial Selection Commission And Decisions Rendered By Said Commission.

CT HB05299

An Act Concerning The Department Of Economic And Community Development's Recommendations For Revisions To The Jobsct Program And The Commerce And Related Statutes.

Similar Bills

CT SB01067

An Act Concerning The Creation Of A Quasi-public State-wide Port Authority.

CT HB05048

An Act Establishing The Chet Baby Scholars Program And Amending Statutes Relating To The Connecticut Student Loan Foundation.

CT HB05575

An Act Concerning Promotion Of The Commercial Use Of The State's Deep Water Ports.

CT HB05289

An Act Establishing The Connecticut Port Authority.

CT SB01096

An Act Requiring Greater Transparency And A Transition Plan For The Governance Of The State Education Resource Center.

CT SB00425

An Act Concerning The State Education Resource Center.

CT HB05018

An Act Concerning Connecticut Innovations, Incorporated, And The Connecticut Development Authority.

CT HB05569

An Act Establishing A Governance Structure For The State's Deep Water Ports.