Post by Logan on Mar 14, 2016 17:21:12 GMT -6
HARTFORD — The legislature's labor committee has scaled back the scope of a proposed state-offered retirement program, but it would likely extend the time it would take to pay back startup costs.
The state's retirement security program would create an IRA that would be available at any workplace with at least five workers that 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 the IRA. Participants would have to take action to opt out of the program or to save more than 3 percent toward retirement.
Originally, the legislature was considering a 6 percent contribution, which would have meant the fund would reach the $1 billion level needed to be self-sustaining within two years.
Read more: www.courant.com/business/hc-retirement-for-all-20160314-story.html
The state's retirement security program would create an IRA that would be available at any workplace with at least five workers that 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 the IRA. Participants would have to take action to opt out of the program or to save more than 3 percent toward retirement.
Originally, the legislature was considering a 6 percent contribution, which would have meant the fund would reach the $1 billion level needed to be self-sustaining within two years.
Read more: www.courant.com/business/hc-retirement-for-all-20160314-story.html