Connecticut's legislature paved the way this week for the creation of a state-run public IRA plan that would be open to all private-sector workers.
The General Assembly has allocated $400,000 from next year's budget for the creation of the Connecticut Retirement Security Board, to be run within the State Comptroller's Office. The board, which will be comprised of employees, employers, investment experts and representatives of the Governor's office, is charged with conducting a feasibility study and a plan for implementation of the new retirement plan by 2016.
The funds mark the largest ever investment toward creating a state-run retirement plan for workers in the private-sector. There are currently more than 740,000 workers in Connecticut without access to an employer-based retirement savings plan.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
