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Office of State Ethics seeks wider SFI filings and retirement-plan exemptions
Summary
At a Feb. 18 public hearing the Office of State Ethics backed Senate Bill 1296 to expand who must file Statements of Financial Interests and to exempt 403(b)-type retirement plans from security reporting, arguing the changes would increase consistency and transparency.
The Government Oversight Committee on Feb. 18 heard testimony from the Office of State Ethics supporting Senate Bill 1296, which would revise filing requirements and disclosure rules for Statements of Financial Interests (SFI).
"This bill makes necessary updates concerning filing requirements and disclosures to the statement of financial interests," Peter Lewandowski, executive director of the Office of State Ethics, told the committee. He said the bill would amend Conn. Gen. Stat. §1-83 to require certain executive-branch board, commission and council members to file SFIs — specifically those who exercise authority to enter into or approve large state construction or procurement contracts, as defined in the bill.
Lewandowski told the committee that the bill's contract threshold corresponds to contracts valued at $500,000 or more. "That section really applies to any contracts valued at $500,000 or more," he said, referencing the proposed statutory definition. He noted that while many executive boards already file SFIs under the governor's designation, some boards do not, and the statutory change would create uniformity and increase public transparency.
The bill would also extend existing exemptions for reporting securities to include retirement plans under section 403 of the Internal Revenue Code, bringing 403 plans in line with current exemptions for 457 plans and 401(k) plans, Lewandowski said.
Public commenters urged swift passage and linked SFI changes to concerns about undue industry influence in particular regulatory programs. Christina Capitan of CT Canaworkers pressed that the Department of Consumer Protection's medical cannabis work needs stronger transparency and financial-disclosure safeguards, and Josiah Schley and Olivia Rinkus also supported broader disclosure and protections.
No committee vote was taken at the hearing; the bill will remain under consideration as members review statutory language and stakeholder input.
Ending: The Office of State Ethics framed SB 1296 as a targeted change to make SFI filing and reporting more consistent across state entities, while public advocates asked that the committee consider broader disclosure and data-access protections.
