January 22, 2018

CT searches for new retirement savings leader

The Connecticut Retirement Security Authority (CRSA), formed to provide voluntary retirement savings plans to those without employer-sponsored plans, is seeking its first executive director.

Connecticut is one of the first states to develop this type of voluntary program, joining states that include California, Maryland and Oregon, in an effort to help workers save for retirement.

According to the CRSA's board, the executive director will start and manage a new financial institution dubbed "the Exchange" that will provide Connecticut employers with a supported program for collecting payroll contributions that will then be invested in the employee's choice of private investment funds selected by the board.

The program is expected to hold and invest in a minimum of $1 billion in assets, and provide retirement savings opportunities for an estimated 600,000 working people in the state. Participants will save for retirement through Roth IRAs, and will decide how much they want to invest, and in what funds.

The CRSA board is chaired by state Labor Commissioner Scott B. Jackson.

Candidates should submit a résumé, cover letter, and three references to Jackson at the Labor Department, 200 Folly Brook Blvd., Wethersfield, CT 06109 by Feb. 14. A position description can be found on the CRSA website.

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