by Jennifer Swift
Feb 12, 2014
11:52 AM
Connecticut Politics

Coalition Wants State to Create Public Retirement Fund

A coalition is pushing for the state's legislature to pass "retirement for all" legislation to create a state-run retirement fund for those without an employer-sponsored retirement plan. 

Sen. Martin Looney is again sponsoring this legislation, the same as what he proposed last year. The legislation would allow employees to put money into a trust fund held by the state and administered by the state treasurer. Costs would be paid by participants, not taxpayers. 

More from Wall Street Journal's Marketplace here:

"The legislation is aimed at the 740,000 Connecticut workers who are not currently participating in an employer-sponsored retirement plan, according to the bill’s backers. The bill’s backers say that group represents about 40% of the state’s labor force.

If enacted, the bill would authorize the creation of the Connecticut Retirement Security Trust Fund, which would require private-sector employers with five or more employees that do not currently offer a retirement plan to automatically deduct contributions from employees’ paychecks and funnel them into an IRA through direct payroll deposits."

Coalition Wants State to Create Public Retirement Fund

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