Mary Fay of West Hartford has been named executive director of the Connecticut Retirement Security Exchange (CRSA), a critical milestone in the launch of the organization which will offer retirement plans.
Connecticut Retirement Security Authority (CRSA) announced the appointment of financial services senior executive Mary M. Fay as its inaugural executive director. This appointment, effective immediately, is an important step to offering retirement security to employees who do not have a plan offered by their employer.
Established through legislation (Public Act 16-29, as amended by Public Act 16-3) in 2016, CRSA is a quasi-public state agency created to promote retirement savings for private sector employees across Connecticut via implementation of the Connecticut Retirement Security Exchange. This initiative is designed to add no additional cost for businesses and tax payers.
“There are 600,000 uncovered employees in Connecticut,” said Scott Jackson, commissioner of Revenues Services and chair of CRSA. “Helping these employees achieve retirement is a critical goal of CRSA, and hiring Ms. Fay as Executive Director is a key milestone. The board is thrilled that Ms. Fay has agreed to join us in this important endeavor.”
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. Fay is a past recipient of Hartford Business Journal’s “Outstanding Woman in Business” and has served on corporate and nonprofit boards.
“I am delighted to join CRSA at this exciting time,” said Fay. “All Connecticut residents deserve a solid retirement plan and I’m a strong believer in providing retirement solutions at the workplace, which offers employees and employers convenience and peace of mind. I’m pleased to be able to offer my retirement industry expertise to businesses and employees who do not have a plan.”
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, six members appointed by the legislative leadership, and four members appointed by the governor.
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