Help Stop the Retirement Mandate on Employers
Tell your legislator why mandating employers to facilitate a state-run retirement program is #Bad4CT:
Why Is SB 249 Bad for Connecticut?
- Establishes a state-administered retirement program in direct competition with the state’s financial services sector–businesses employing over 100,000 Connecticut residents
- Increases the cost of doing business by placing administrative mandates on employers including facilitating employee payroll deductions, hosting open enrollment periods, and transferring payments to plan administrators
- Creates a potential liability for state taxpayers by promising a guaranteed rate of return for plan participants
- Acknowledges the program will not be self-sustaining on launch date, and that expenses necessary to run the program may exceed the administrative cost allowance
- Automatically opts employees into the program—who will see an immediate 2%-5% reduction in their wages. Employees that opt out must do so in writing every two years.
No Other State Has Such a Plan: California is extensively studying a similar proposal, but it may never be implemented because of financial and legal concerns.
What you can do today:
- Submit testimony to the Labor Committee (Need help? Email CBIA’s Eric Gjede.)
- Write a letter to your legislator immediately (You can find a sample letter here and look up your legislator <strong>here)
- Call your legislator
- Subscribe to our Twitter list of Connecticut legislators and tell them SB 249 is #Bad4CT
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