Mary Fay, the inaugural Executive Director of the Connecticut Retirement Security Authority (CRSA), recently sat with AARP Connecticut volunteer Tim Ryan to talk about the new program that will offer retirement security to employees who do not have a plan offered by their employer. Fay and Ryan discussed the need for the program, status of the launch and her career history.
Fay, a resident of West Hartford and a town councilor, spent the majority of her 30-year career in financial services, leading retirement and healthcare businesses of Fortune 50 companies. She has served as Senior Vice President of GE Capital, Senior Vice President and General Manager of Sun Life Financial, and held senior executive positions at ING, AIG, and Hartford Healthcare. She is a graduate of Skidmore College and holds an MBA from Rensselaer Polytechnic Institute. Mary is a past recipient of Hartford Business Journal’s “Outstanding Woman in Business” and has served on corporate and non-profit boards.
The CRSA board consists of 15 individuals, 13 of whom have been appointed and are currently serving: the Commissioner of Labor (Chair), the State Treasurer, the state Comptroller, the Secretary of the Office of Policy and Management, the Banking Commissioner, 6 members appointed by the legislative leadership and four members appointed by the Governor.
The Connecticut Retirement Security Program requires all Connecticut businesses of five or more employees with no pension or 401 K plan to allow employees to save for retirement through payroll deductions into private IRA accounts at no cost to the employers. It will be voluntary for employees, who will be automatically enrolled but have the ability to opt out. This retirement savings option will help approximately 600,000 workers in Connecticut grow retirement savings so they can take control of their future.