Connecticut 2021 Regular Session

Connecticut House Bill HB05741

Introduced
1/28/21  
Introduced
1/28/21  
Refer
1/28/21  

Caption

An Act Establishing A Program To Provide Financial Support To Retirement-age Residents.

Impact

The implementation of HB 5741 would positively impact future generations by encouraging financial literacy and stability from childhood, potentially alleviating financial burdens associated with retirement, housing, and education. By providing such support, the bill aims to ensure that residents have access to necessary financial resources when they reach retirement age, thereby promoting economic security and well-being within the community. Additionally, this initiative could stimulate local housing markets and educational institutions as benefits are used for down payments on homes and tuition.

Summary

House Bill 5741 establishes a significant program aimed at providing financial support to residents upon reaching retirement age. The bill proposes that $3,600 be invested on behalf of each child born in the state from January 1, 2031. These funds will remain in trust until the individual turns sixty-four years old, at which point the beneficiary can utilize the funds. The intended uses for the funds include supplementing retirement income, purchasing a primary residence, settling educational debts, or covering in-state tuition fees, contingent upon the beneficiary maintaining their primary residence in the state.

Contention

Despite the clear objectives of HB 5741, there may be debates surrounding the long-term fiscal responsibilities of such a program. Questions will likely arise regarding the sustainability of funding, especially with the increased demand for public resources as the number of retirees grows. Concerns over the impact on state finances and the allocation of funds from the state treasury are possible areas of contention, as critics may argue about prioritizing this initiative over other pressing needs. The efficacy of the investment strategy to grow the initial amount in trust could also be a point of scrutiny.

Companion Bills

No companion bills found.

Previously Filed As

CT HB05344

An Act Establishing First-time Homebuyer Savings Accounts And A Related Tax Deduction And Credit.

CT HB05515

An Act Establishing The Municipal Employees Retirement Commission And Concerning The Municipal Employees' Retirement System.

CT HB05493

An Act Establishing A Youth Sports Grant Program.

CT SB00136

An Act Making Changes To The Connecticut Retirement Security Program Statutes.

CT HB05343

An Act Concerning A Study On The Feasibility Of Establishing A Prepaid College Tuition Program.

CT SB00341

An Act Establishing A Fallen Officer Fund And Providing Health Insurance Coverage To Survivors Of A Police Officer Killed In The Line Of Duty.

CT HB05420

An Act Concerning The Provision Of Child Support To Children Under The Age Of Twenty-one.

CT HB05001

An Act Supporting Connecticut Seniors And The Improvement Of Nursing And Home-based Care.

CT HB05303

An Act Establishing A Child Income Tax Deduction.

CT HB05226

An Act Establishing An Extended Producer Responsibility Program For Consumer Batteries.

Similar Bills

No similar bills found.