Public retirement bill included in budget

HARTFORD, Conn. –Democratic lawmakers want to make sure private companies offer their employees an opportunity to invest in a retirement plan so they formed the Connecticut Retirement Security Board as part of the state budget.

The concept had been raised as a separate piece of legislation, but with time running out the Democratic-controlled General Assembly decided to include it in a separate bill implementing the state budget. That bill is expected to come up for debate later tonight (Tuesday, May 6) in the House.

House Majority Leader Joseph Aresimowicz teamed with Senate Majority Leader Martin Looney this year to push the proposal over the finish line.

The version included in draft budget language is a pared down version of the original bill. Instead of immediately creating a public retirement board and retirement account, it creates a board to study the issue. That board, according to draft language, is expected to conduct a “market feasibility study” and come back to the governor and legislature no later than Jan. 1, 2016 with its recommendations.

Sen. Joseph Markley, R-Southington, said he wasn’t necessarily opposed to studying the issue, but he didn’t believe it belonged in a budget bill.

“As a general policy matter it’s a terrible idea,” Markley said of the decision to introduce the concepts as part of the budget.

See the complete story at CT News Junkie.