Retirement-For-All bill raises questions

HARTFORD, Conn. – When it comes to creating a retirement plan for all Connecticut residents there are still more questions than answers as lawmakers seek to find ways to ensure residents are retiring on more than Social Security.

This year, Sen. Majority Leader Martin Looney and House Majority Leader Joe Aresimowicz teamed up to find a way to automatically enroll everyone in Connecticut that currently doesn’t participate in an employer-sponsored 401k or an Individual Retirement Account.

At the heart of the bill, which received a public hearing Tuesday is the automatic payroll deduction concept to get workers who normally don’t contribute to their retirement to participate in the state plan with a “guaranteed rate of return.”

What the rate of return will be and even how much money residents could contribute to the plan are questions that will need to be answered by the board that will oversee the trust where the money will be held. No state money is being contributed and lawmakers said employers won’t be expected to contribute money toward the plan.

See the complete story at CT News Junkie.


3 responses to “Retirement-For-All bill raises questions”

  1. John Hamlin

    A guaranteed rate of return? How will that not cost the taxpayers? Unless the rate is below the prevailing interest rate?

  2. Soooo, just where will this money come from…
    Another socialist sponsored program funded by the taxpayers – figures.
    The democrats think they are on a roll – get the taxpayers to subsidize “under” paid or unemployed people.
    I can’t even say citizens because WILL they all be citizens??? Not the way our country is going now – why bother to become a citizen – Okruma and all you minions support illegals getting full rights and access to what was normally reserved for immigrants who made the effort to learn the language and the laws and actually pledged allegiance to the US (of which all my grandparents did).
    What, will this also be a mandated law and will there be fines?
    Holy crap. Just freakin’ unbelievable.

  3. the donut hole

    Our legislature, not content with the damage they have already done, seek for new and improved ways to put the final nails in the coffin. Next they will tell you that it will pay for itself somehow without raising taxes.

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