Connecticut Governor Malloy’s Changes Weaken New Retirement Program

CT Mirror
June 20, 2016

For private employees who don’t have workplace plans, Connecticut will now have a state-sponsored plan to save for retirement. Unfortunately, what could have been a useful program was severely weakened with changes required by Governor Dannel Malloy in the face of fierce financial services industry lobbying.

This is what happened.

In 2014 labor, senior, and progressive organizations lobbied the legislature to set up a state-sponsored retirement savings program to address the growing retirement crisis, a component of which was that half of the Connecticut’s private labor force lacked employer-sponsored plans.

Over financial services industry opposition the bill narrowly passed. The first step mandated by the bill was to establish the Connecticut Retirement Security Board, on which I served. Its task was to study the issue and design a program that would then be proposed as a new legislative bill.

Continue reading “Connecticut Governor Malloy’s Changes Weaken New Retirement Program.

 

One Response to Connecticut Governor Malloy’s Changes Weaken New Retirement Program

  1. VideoPortal says:

    Once a progressive success story, the Connecticut governor has angered liberals locally and nationally with a budget that slashes spending and cuts state jobs.

Leave a Reply

Your email address will not be published. Required fields are marked *