Connecticut Considers State Savings Plan

Conn.phpThe Connecticut State legislature is considering creating a state-sponsored retirement savings program for private sector employees. Arguing that Connecticut workers are relying too heavily on Social Security and not saving enough on their own, the proposal would offer a guaranteed return on investment to all private-sector workers employed at firms with more than five employees, provided they are not already offering a retirement package of their own.

In order for the legislation to proceed, a panel chaired by the Treasurer and Comptroller would first have to establish a trust fund and agree upon an acceptable rate of return to guarantee through private insurance.

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