Connecticut 2013 Regular Session

Connecticut Senate Bill SB00054

Introduced
1/9/13  
Introduced
1/9/13  
Refer
1/9/13  
Refer
1/9/13  
Refer
3/13/13  
Refer
3/13/13  
Report Pass
3/19/13  
Report Pass
3/19/13  
Refer
3/26/13  
Refer
3/26/13  
Report Pass
4/3/13  
Report Pass
4/3/13  
Refer
5/1/13  
Report Pass
5/7/13  
Report Pass
5/8/13  

Caption

An Act Establishing A Retirement Savings Plan For Low-income Private Sector Workers.

Impact

The bill proposes significant changes to the retirement landscape in Connecticut, particularly for those without existing retirement options. It encourages employers with five or more employees to facilitate payroll deductions into retirement accounts established under the new trust fund. This initiative is expected to increase retirement savings rates among low-income workers, contributing to a reduction in future public assistance needs due to inadequate retirement savings, thus addressing a pressing socio-economic issue.

Summary

SB00054, an Act Establishing a Retirement Savings Plan for Low-Income Private Sector Workers, aims to create a retirement savings system intended for employees within Connecticut's private sector who do not have access to employer-sponsored retirement plans. The proposed Connecticut Retirement Security Trust Fund will serve as a vehicle to facilitate and encourage retirement saving among low-income workers, thereby enhancing their financial security in old age. Notably, the trust will be administered by a specially established board responsible for overseeing its operations and ensuring compliance with relevant laws and regulations.

Sentiment

Overall, the sentiment surrounding SB00054 appears to be largely positive, with strong support from various stakeholders who recognize the importance of providing retirement savings options for low-income workers. Proponents emphasize the need for a safety net that allows individuals to secure their financial future. On the other hand, some concerns have been raised regarding employer obligations and potential administrative burden, inviting a critical discussion on the balance between encouraging savings and imposing requirements on businesses.

Contention

Notable points of contention include the implications for small businesses that may face challenges with the implementation of the payroll deduction system without experiencing additional costs or administrative complexities. While the bill aims to stave off public reliance on state resources in retirement, critics argue that more safeguards and support should be put in place to protect small employers from unintended consequences arising from the mandate to facilitate employee savings.

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 SB00036

An Act Establishing A Refundable Child Tax Credit.

CT HB05431

An Act Establishing A Connecticut Families And Workers Account.

CT HB05303

An Act Establishing A Child Income Tax Deduction.

CT SB00035

An Act Establishing A Capital Gains Surcharge.

CT SB00456

An Act Establishing A Pilot Program For The Development And Implementation Of Ten-year Plans To Eradicate Concentrated Poverty In The State.

CT SB00407

An Act Establishing A Task Force To Study Workers’ Compensation Coverage For Students Of Regional Agricultural Science And Technology Centers.

CT SB00271

An Act Establishing A Task Force To Study The Implementation Of Rent Savings Accounts.

CT SB00147

An Act Establishing A Task Force To Study The Implementation Of Rental Savings Accounts.

Similar Bills

CT SB00249

An Act Promoting Retirement Savings.

CT HB05591

An Act Creating The Connecticut Retirement Security Program.

CT SB00136

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

CT HB06552

An Act Concerning The Connecticut Retirement Security Program.

CT SB01221

An Act Making Changes To The Connecticut Retirement Security Program.

CT SB00623

An Act Establishing The 7/7 Program To Encourage The Redevelopment Of Brownfields And Underutilized Property.

CT SB00502

An Act Concerning Revenue And Other Items To Implement The Budget For The Biennium Ending June 30, 2017.

CT HB06841

An Act Concerning Firefighter Recruitment And Retention.