As our citizens approach retirement, far too many of them rely exclusively on Social Security as retirement income. While Social Security has lifted many senior citizens out of abject poverty, it does not in fact provide a decent living for those with no other source of retirement income. This problem will become one of extraordinary urgency as more and more baby boomers reach retirement age.
But change is on its way. We are proud to say that Connecticut has taken a crucial step forward to address this crisis. On June 17, the Governor signed Public Act 14-217 which appropriates $400,000 to create the Connecticut Retirement Security Board. Chaired by the State Treasurer and State Comptroller, the Board will conduct a market feasibility study which will lead to the creation of a cost-effective, state-run retirement option for private-sector workers by April 2016. It is the largest investment that any U.S. state has made toward resolving this crucial problem.
See the complete story at CT News Junkie.