Public Retirement Plan Advances

The ‘Retirement for All CT’ Coalition declared victory last week as the Connecticut General Assembly voted to invest $400,000 to lay the groundwork for the creation of a state-level public retirement plan, open to all private sector workers.

The funds mark the largest ever state-level investment in the creation of such a plan, with the ultimate goal of providing retirement security to the 740,000+ Connecticut workers currently not covered by an employer-based retirement savings plan — without imposing any additional cost on employers. 

“This is an incredible moment as Connecticut has just catapulted into the national lead on this critical issue for working families,” said Sal Luciano, Executive Director of Council 4 AFSCME, the state’s largest public employee union.

 “By laying the groundwork for a public retirement savings option for all private-sector workers, Connecticut is making a serious, first-in-the-nation investment with the aim of developing an optimal plan for our state that will ensure the greatest possible return on workers’ savings. This is progressive leadership at its finest, responding to the voices of the thousands across the state who have spoken up and urged their elected officials to address the retirement crisis.”

The Connecticut Retirement Security Board will include employees, employers, and investment experts, and is charged with developing a state-administered Public Retirement Plan by 2018.

Bette Marafino, President of the Connecticut Alliance for Retired Americans said, "The Connecticut Retirement Security Board will be tasked with developing the most effective way for our state to move forward in expanding access to low-cost, quality retirement savings vehicles for Connecticut’s workers. We’ve been saying all along that retirement shouldn’t be a gamble. And with this proposal, thankfully, it no longer will be.”

Retirement for All CT supporters include: Connecticut Alliance for Retired Americans, Council 4 AFSCME, Connecticut AFL-CIO, Connecticut Working Families, SEIU Connecticut, Permanent Commission on the Status of Women, Connecticut Association for Human Services (CAHS), Spanish American Merchants Association (SAMA), CT National Organization for Women (CT-NOW), United Auto Workers (UAW), CT chapter of the Coalition of Black Trade Unionists, and CSEA.