[{"_1":2,"_88":-5,"_89":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,76],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":48,"_49":50,"_51":52,"_53":54,"_55":56,"_57":58,"_59":60,"_61":62,"_63":64,"_65":66,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},"mediaId",6620400,"mediaKeyId","2810713-fea20d3cecf318646a3312406588110e","parentId",2810713,"title","CT Paid Leave Authority review committee to interview actuary finalists; board will receive recommendation in April","audioSeconds",144,"startMs",2685000,"endMs",2829000,"viewUrl","/Search/View?dp=1&key=2810713-fea20d3cecf318646a3312406588110e&start=2685&end=2829","thumbnailUrl","https://assets.pipeline.soar.com/2810713-fea20d3cecf318646a3312406588110e/thumbnail_2685000.jpg","articleUrl","/articles/6620400/Connecticut/CT-Paid-Leave-Authority-review-committee-to-interview-actuary-finalists-board-will-receive-recommendation-in-April","mediaUrl","https://secure.pipeline.soar.com/6620400-19a91904cdaa502b894870909e428392/orig.mp4?Expires=1771141340&Signature=LwC3EoP-gFjtL0shzyszZ1ttYFq7KLLkqMHDjQouiW0tn-Yrv77Rk61HyTmWOrBp-6qCgOVuzli9g7SILNXuramhjp2szbsqFNxmwGDJtVnQBOfMZNNa62jrSSk~7LyNF9TErbGuEmTAjlkwzRD~y6q0uXD2D6R3MvFDe4exaIlm4IVe~NiuzTzMQETayykK5iFi8Or9kH8POCBr1sCtYp4NzCMPd9xc2ITuBUNOd31rwaROSVCJbPfy449p2Yl3lAMGRepVpwOk4rBaz7eu5D6nGVUc7VP1BeYmDIY~Z2icSxq8HP66SxpdEhwykebINva4s5yB3LEDKsx2XW3RpA__&Key-Pair-Id=KUT5TJCACFTXG","author","Connecticut Paid Leave Authority CT","date","2025-03-28T15:22:39.983Z","article","The Connecticut Paid Leave Authority Finance Committee received an update on the authority’s request for proposals (RFP) for actuarial services, which the authority is required to refresh every three years.

Staff reported that the RFP was issued in February, that potential proposers submitted questions (which were posted publicly), and that proposals were due March 6. A review committee evaluated the submissions and scheduled interviews with finalists for the following week. \"After those meetings, the review committee will finalize their scoring of the potential candidates and present a recommendation to the board in an executive session,\" a staff member said.

Committee members were told that, assuming the board approves the committee’s recommendation at its April meeting, contract negotiations with the selected actuarial firm would follow. Staff indicated the goal is to present the recommendation to the board on April 10. No final selection or contract terms were announced at the Finance Committee meeting.

A committee member asked for the timeline for finishing the review process; staff replied that the review committee expects to present its recommendation to the board at the April board meeting, which is scheduled for April 10.

The Finance Committee did not take a final vote on the actuary selection at the meeting; the next steps described were interviews, scoring completion, an executive-session presentation to the board and contract negotiations if the board approves the recommendation.","mediaType","Video","parentTitle","March 28, 2025, CT Paid Leave, Finance & Audit Committee Meeting","oneSentenceSummary","The Finance Committee heard an update on the authority's three‑year actuary RFP: proposals were received, interviews are scheduled, and a recommendation will be presented to the board at its April meeting for contract negotiation.","taxTitle","CT Paid Leave Authority, Quasi-Public Agencies, Organizations, Executive, Connecticut","taxId",15727,"location","Connecticut","headline","","shortSummary",{"_33":77,"_35":36,"_37":38,"_39":78,"_41":79,"_43":80,"_45":81,"_47":82,"_49":83,"_51":84,"_53":85,"_55":56,"_57":58,"_59":86,"_61":62,"_63":64,"_65":87,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6620404,"CT Paid Leave Authority finance committee reviews FY26 budget and shortens review period to 28 days",2066,122000,2188000,"/Search/View?dp=1&key=2810713-fea20d3cecf318646a3312406588110e&start=122&end=2188","https://assets.pipeline.soar.com/2810713-fea20d3cecf318646a3312406588110e/thumbnail_122000.jpg","/articles/6620404/Connecticut/CT-Paid-Leave-Authority-finance-committee-reviews-FY26-budget-and-shortens-review-period-to-28-days","https://secure.pipeline.soar.com/6620404-aab01cce1ae806fc3ce305a2b9ddd4f4/orig.mp4?Expires=1771141341&Signature=ndJnTRvN52W9RPEnWLpDNBR2JU4px9KZ2K0twLFESm43QUtFFYJx5sXe4HMnGJSrdYrBoVFO9KVeQpIdoWy4QPkFYg3yb~huK5ismpwJUMmFZeEIAbAjUUKBYkcJIR~ifgWadFINBbhqr45XksqAi9XoIuZUqescTY6cc-QH~CPB6NsEuQScZXtP81kc6iYhrRuSYYekTIIGq-hbkL3PivTW5vHrK9vJiFSvRjnhK3IwUb5Sjrg5uJgfuXUinm~GO8dn2I5w4MSLwfvCRToIhP53ctMloRW7jIlxQS4C1pC6eK0AvXQhcYLaGHxpEX3XpezBMOBmjr8Fqt5FfjB3Bg__&Key-Pair-Id=KUT5TJCACFTXG","The Connecticut Paid Leave Authority Finance Committee reviewed a proposed fiscal year 2025–26 budget on a meeting held virtually and heard that the authority expects operating expenses of about $16.86 million, contribution fund activity of roughly $490.2 million in receipts and $475.3 million in benefit payments, and a small planned draw on operating reserves.

The review, led by finance staff member Dave, covered three budget components: an operating budget for the authority’s administration, a bond budget for IT and system enhancements, and a contribution budget that estimates contributions, investment income and benefit payments. \"We will be going over our proposed budget for the following fiscal year ending 06/30/2026,\" Dave told the committee as he opened the presentation.

The operating revenue is budgeted at just under $16.7 million, driven primarily by a $16.0 million administrative fee paid from the contribution fund and about $700,000 in fund-recovery penalties. Operating expenses are budgeted at about $16.856 million, creating a planned use of roughly $160,000 from operating reserves rather than the general fund; the authority reported about $14 million in operating reserves available at the end of FY25.

Dave described key assumptions behind the numbers: the administrative fee was reduced to $16 million to reflect recent practice (the authority previously budgeted $20 million but historically transferred nearer $15 million); an expected staff headcount of 49 full-time equivalents by the end of FY26; a 2.5% cost-of-living salary adjustment and planned step increases; and a conservative pension/fringe rate of 52% (budgeted higher than the current approximately 47% because the official rate for FY26 had not been set). He also said outreach spending will include the Community Education Coordinator Initiative (CECI) for a full year, and some IT consultant work will shift to bond-funded system enhancement funds.

On the bond budget, the Finance Committee was told roughly $1 million in bond funds remain available from a previously allocated $60 million, and the authority expects to use about $500,000 of bond money in FY26 for ongoing system enhancements, security work and fund-recovery website updates.

For the contribution budget, the committee heard that payroll contributions are budgeted at about $490.2 million, investment income at roughly $23.3 million based on an assumed 4.1% interest rate, and benefit payments at about $475.3 million. The presentation noted an increased incident rate in claims (budgeted at about 4.7%) and reflected updated actuarial work completed in December 2024. The authority said it had redone actuarial projections to account for higher claim activity and that the administrative fee paid to the third-party claims administrator is budgeted at $25.0 million (consistent with historical costs and current contract allowances).

The committee also reviewed current-year financial results through February 2025. Net activity for February showed a monthly negative activity of just under $958,000 with payroll and related expenses, outreach payments for the CECI program and contact-center costs among the largest monthly expenditures. Year-to-date contribution fund activity reflected higher-than-budgeted benefit payments; the authority reported benefit payments for February of about $33.9 million (roughly $8.5 million per week) and a year-to-date trend that outpaced the budget prepared a year earlier.

After the budget discussion, the Finance Committee voted to shorten the plan-of-operations review-and-comment period from 31 days to 28 days so the committee can consider the budget at its next scheduled meeting. A committee member moved the change and another seconded; the motion carried with voices in favor and no recorded opposition.

Votes at a glance:
- Approval of minutes for the Feb. 28, 2025 Finance Committee meeting — motion carried (one abstention recorded).
- Motion to reduce the Finance Committee review-and-comment period to 28 days — motion carried (unanimous among voting members present).

The committee was reminded that, following the Finance Committee’s review, the budget will go to the full board for review at the board’s May meeting; the board may also use a special meeting or its May 31 authority under the plan of operations if it needs additional time. Finance staff said the FY26 budget is expected to be in effect by July 1, 2026, if approved on the timetable presented.

Committee members asked for clarifications on components of the FY26 budget, and staff said the materials would remain available for committee review during the shortened review window and that members could direct questions to staff by email rather than exchange committee business by email to avoid creating an unauthorized meeting.","The Connecticut Paid Leave Authority Finance Committee reviewed the proposed FY2025–26 operating, bond and contribution budgets, heard projections of higher benefit payments and voted to shorten the committee's budget review period to 28 days so the committee can act at its next scheduled meeting.","actionData","errors"]

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CT Paid Leave Authority review committee to interview actuary finalists; board will receive recommendation in April

CT Paid Leave Authority finance committee reviews FY26 budget and shortens review period to 28 days