A coalition representing all retirees, public- and private-sector workers, small-business owners and women's advocacy organizations in Connecticut is pushing for a statewide retirement plan.
The coalition, Retirement for All CT, held a press conference Feb. 11 to urge the state Legislature to pass the Retirement for All bill this legislative session. The bill was introduced by state Sen. Martin M. Looney during the 2013 session. Calls to Mr. Mooney's office were not returned by press time.
A study released last year by the Schwartz Center for Economic Policy Analysis, New York, notes about 740,000 Connecticut residents are not participating in an employer-provided retirement plan. The coalition believes a statewide retirement option could provide employers and workers with a low-risk alternative to plans offered by the insurance industry and wouldn't require employers to take on any liability.
A growing number of elderly people are living in poverty, so we felt something needs to be done to provide some sort of retirement security, said Sal Luciano, the New Britain, Conn.-based executive director of Council 4 American Federation of State, County and Municipal Employees, which is part of the coalition.
Mr. Luciano added the proposed plan would use the defined contribution model, but would be a better annuity at the end.
I'm optimistic that we can get something done, said Kenneth J. Floryan, a member of the coalition and a managing director at Babson Capital Management LLC, Boston. Social Security is not enough.