HARTFORD, Conn. – Democratic Gov. Dannel P. Malloy said he would veto a bill championed by progressives that would create a quasi-public agency to administer a public retirement system for all private sector employees — if the legislature doesn’t fix it.
“I would veto the bill unless the changes are made,” Malloy said Friday at an unrelated press conference.
The bill would require every business with more than five employees that doesn’t offer a retirement savings plan to deduct three percent of an employee’s’ paycheck to deposit in a state retirement fund. Every eligible employee would be opted into the plan, but they could choose to opt out. And employers would not be required to contribute to the fund, but they would be required to offer the payroll deduction for the Roth IRA.
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