CTNJ: Connecticut officials criticize repeal of Obama-Era retirement rule

HARTFORD, Conn. — The U.S. Senate voted 50-49 Wednesday to overturn an Obama-era rule designed to help states create retirement saving programs.

Last year, Connecticut voted to move forward with setting up a public retirement system for all Connecticut residents. It asked every employer with more than five employees to deduct three percent of an employee’s’ paycheck to deposit into the fund. About 600,000 Connecticut residents, who don’t have employer-sponsored retirement saving plans, could have benefited from the legislation, according to proponents.

Connecticut was one of a handful of seven states to set up this type of program.

“I’m very disappointed to see that the U.S. Senate, on an unusual 50-49 vote, has attempted to derail a program intended to help working families save for retirement,” House Speaker Joe Aresimowicz, D-Berlin, said. “It is a shame that the interests of Wall Street are being put ahead of the 600,000 private sector workers in Connecticut who would benefit from our landmark public retirement security plan, as well as the other 55 million Americans who are trying to save for retirement.”

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