Post by Logan on May 8, 2016 2:32:25 GMT -6
Gov. Dannel P. Malloy said Friday he intends to veto a controversial bill that would create a retirement savings program for private sector workers unless the legislation is changed in an upcoming special session of the General Assembly.
“I would veto that if the changes that need to be made are not made,'' Malloy said.
The retirement security bill would create a quasi-public authority to oversee a program designed to increase the retirement savings of private sector workers. The program would be open to workers at companies with at least five employees, as long as the firm doesn't offer a pension or 401(k) plan. Workers, once they had been employed 120 days, would have 3 percent of their pay put into an IRA. Participants would have to take action to opt out of the program or to save more than 3 percent toward retirement.
The concept has the support of Comptroller Kevin Lembo, labor unions and groups that advocate for senior citizens. But it was panned by Republican lawmakers during lengthy debates in the House and Senate. The Senate only passed the measure after Lt. Gov. Nancy Wyman cast the tie vote in favor of the bill.
Read more: www.courant.com/politics/capitol-watch/hc-malloy-will-veto-retirement-security-bill-as-it-now-stands-20160506-story.html
“I would veto that if the changes that need to be made are not made,'' Malloy said.
The retirement security bill would create a quasi-public authority to oversee a program designed to increase the retirement savings of private sector workers. The program would be open to workers at companies with at least five employees, as long as the firm doesn't offer a pension or 401(k) plan. Workers, once they had been employed 120 days, would have 3 percent of their pay put into an IRA. Participants would have to take action to opt out of the program or to save more than 3 percent toward retirement.
The concept has the support of Comptroller Kevin Lembo, labor unions and groups that advocate for senior citizens. But it was panned by Republican lawmakers during lengthy debates in the House and Senate. The Senate only passed the measure after Lt. Gov. Nancy Wyman cast the tie vote in favor of the bill.
Read more: www.courant.com/politics/capitol-watch/hc-malloy-will-veto-retirement-security-bill-as-it-now-stands-20160506-story.html