NOT TEACHERS' RETIREMENT BOARD EITHER
IIRC, not the entity that Comptroller Lembo (above, left) and the Legislature initially created...
CONNECTICUT RETIREMENT SECURITY AUTHORITY BOARD OF DIRECTORS MEETINGS
C.R.S.A who are they and where do you find them in the C.G.S.: https://www.cga.ct.gov/2017/pub/chap_574.htm
Background news story on the new entity: https://ctmirror.org/2017/05/08/authorized-a-year-ago-new-retirement-program-languishes/
Description of this retirement program: https://captain401.com/blog/retirement-plan-laws-connecticut-retirement-security-program-crsp-small-businesses/
CONNECTICUT RETIREMENT SECURITY BOARD
September 21, 2018
QUORUM ISSUES TO COME?
They had hired Pullmon & Comely who must interact; plus
Executive Director who will run stuff - when should subcommittees meet
in the future? This was a brainstorming brief meeting.
CONNECTICUT RETIREMENT SECURITY BOARD
June 15, 2018
Surprise! In six months they still haven't hired an Executive Director...
And the Chair. is moving to another position in the
Administration! New members sworn in including one familiar face
to About Weston - reassuring to see him again!
Request that now Ex-Commissioner of Labor Jackson continue convening this entity until Exec. Director on board (r.).
Executive Session ends the meeting with no decision about hiring made since the meeting did not reconvene.
NEXT MEETING TO BE HELD IN HAMDEN
First item is ethics lesson.
Money sits in Comptroller's Office now; cost of experts to set up
program are high...and the reality of having anything move ahead during
this calendar year looks bad.
COMMISSIONER OF LABOR HELPS PEOPLE DECIDE TO MOVE AHEAD FASTER
Since we note that like Cinderella, this concept of state run retirement
entity may disappear as an option at the stroke of midnight or perhaps
the next raid on the Comptroller's budget?
We watched the second meeting after the fact (the meeting actually took place Nov. 17). What actions were taken?
JMO - this isn't going anywhere - at least not so fast.
Unless...see "hint" (if some employee can do this, would they give up
their union position?}. Please listen to the part of the
discussion where the subcommittee related to hiring the Executive
- Discussing job description. F.O.I. electronic meeting to approve some revised job description.
- "R.F.I." for sub-committee on setting up record keeping program -
this goes before an RFP. Education & Outreach Sub-Committee
Dec. 15th next meeting. E-mail and phone meeting before.
Posting for the Executive Director job is in addition to applicants who
actually are known to the Authority Board, but these names not before
the public for F.O.I. by public. HINT: Is this a "jobs
program" for F.O.A.?*
* F.O.A. = Friends of the Authority.
By the way, this is the way it is done in government and probably in
private industry, too.
Commissioner of Labor Scott Jackson presided. (former Mayor of Hamden, if memory serves)
REMEMBER WHEN KEVIN LEMBO WAS IN CHARGE OF THIS? The story of the economist with as many hands as a spider:
- Somehow, in the present climate, it doesn't look promising to start up a state-run quasi-governmental entity;
- Does it duplicate what already exists?
- Isn't this exactly what President Trump wants states to do?
- BUT...if there were no private insurance market left, then indeed it might not be a good idea.
- Or in the event the private insurance companies took a powder...altogether;
- And on the sixth hand...
First speaker, F.O.I. representative who explains the law and how it has evolved, Mr. Tom Hennick.
- This is a quasi-public entity not free from F.O.I.
- He explained why you have to post notices and have minutes of everything.
- Including subcommittee meetings or meetings where there is no quorum.
DON'T MOVE TOO FAST?
What is their status regarding the $$ they have for set up costs before any program became reality? Discussion ensued.
TOO MANY COOKS? DISCUSSION ENSUED.
Concerned they don't waste their resources. Serious experience in management of public end of things.
Some other items discussed from subcommittee reports:
THREE OTHER STATES DOING THIS AND HOW C.R.S.A. HAS BEEN IN TOUCH TO DATE:
Member of the public speaks at the end of the more than one hour meeting
(represented AARP). Makes good recommendations on process of
setting up quasi-public entities - they should not be reinventing the
November 17th next meeting.