Just hours before the end of this year’s legislative session, we won a big victory. Over the strong objection of Wall Street, the state legislature passed a bill that will invest $400,000 to lay the groundwork for the creation of a public retirement savings plan. Once in place, the ‘Retirement for all’ plan will ensure that every worker has the financial security to retire with dignity.
Just like paid sick days and minimum wage, Connecticut has become a leader on this important issue. This is the largest state investment in creating a public retirement plan. It will allow workers, who currently don’t have a feasible way to save for retirement, to put away a small portion of each paycheck. By pooling resources into one trust fund, workers can take advantage of lower administrative costs and increase the rate-of-return on investments.