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March 9, 2015

Boston College to study public retirement plan

The recently created Connecticut Retirement Security Board said it has selected Boston College and two consultants to conduct a market analysis and feasibility study for a public retirement program.

Boston College’s Center for Retirement Research will conduct the market analysis and Mercer and Oliver Wyman will design the program and conduct a financial feasibility study.

Legislators created the CRSB at the tail end of the 2014 legislative session in May to study and recommend a path forward for a state-administered retirement plan for private employees whose employers don’t offer 401(k) plans.

Financial services firms have opposed the program, arguing it will take away business from them and predicting it will cost too much to run.

The legislation forbids any resulting retirement plan from having a fiscal impact on the state and also says businesses will not be required to contribute.

The state has allocated $186,000 for the study, and an additional portion of the cost will be raised from private sources, according to the comptroller’s office, which houses the CRSB.

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