A bill proposing the creation of a statewide retirement plan for all Connecticut residents was introduced in the state Senate on Friday.
The “Retirement for All” bill was introduced in the Labor and Public Employees Committee by Chairwoman Cathy Osten. A public hearing on the bill is expected in the first week of March.
“This was a bill that was two years in the making,” Ms. Osten said in a telephone interview. “I’m happy to have it receive real public input shortly.”
Retirement for All CT, a coalition representing retirees, public- and private-sector workers, small-business owners and women’s advocacy organizations in Connecticut, urged the state Legislature to pass the bill during a Feb. 11 press conference.
The proposed plan would be based on a defined contribution model but would include an annuity, and the state would manage the plan through a retirement trust fund. Ms. Osten added this is an optional retirement plan that state residents can opt into or out of, and is directed toward people not covered by another retirement plan.
