CT House Passes Senior Retirement Plan Bill

Connecticut House Majority Leader Joe Aresimowicz joined senior citizens, elected officials, and advocates at the Berlin Senior Center to celebrate the passage of legislation creating a retirement savings program for the estimated 600,000 Connecticut residents who do not have a retirement savings plan available to them through their employer. The legislation creates a program in which employees would make voluntary contributions into a professionally-managed retirement fund. All workers will be provided the chance to enroll in a retirement savings program. Employers would not bear any fiduciary responsibility and would not be required to pay administrative fees. The program is designed to be self-sustaining and low-risk. The law was the product of the Connecticut Retirement Security Board (CRSB). The CRSB, created in 2014 by the Connecticut General Assembly, was charged with providing legislators with recommendations about the efficacy of a workplace savings plan for workers in the state without access to such a program. They submitted its evidence-based recommendations to the Legislature, which were overwhelmingly in favor of creating a voluntary retirement savings program for private sector workers in the state who are currently without access to a workplace savings plan.

Source/more: Southington (CT) Observer

David Wingate is an elder law attorney at the Elder Law Office of David Wingate, LLC. The elder law office services clients with powers of attorneys, living wills, Wills, Trusts, Medicaid and asset protection. The Elder Law office has locations in Frederick and Montgomery Counties, Maryland.