Take Action Now on Labor Committee Proposals
Four bills from the state legislature’s Labor Committee are of extreme interest to Connecticut businesses because they impact your costs and ability to effectively manage your business – and because two of the proposals will be up for public hearings next Tuesday, March 11.
Please review these measures and let your voice be heard on the matters of concern to your company.
Your action is needed by 1 pm, Monday, March 10. Let your voice be heard:
Unemployment Compensation Tax Relief (HB 5314)
Calls for an estimated $60 million of the projected state budget surplus to be used to pay a portion of the interest owed on funds borrowed from the federal government to keep the state’s unemployment compensation system afloat.
Employer Mandate to Facilitate State-Run Retirement Program (SB 249)
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.
Other bills on the move in the legislature:
Expanding Eligibility for State FMLA (HB 5283)
Creates a greater divide between federal and state FMLA laws by changing state law to allow employees to use FMLA to care for extended family members – including siblings, grandparents, and grandchildren who do not share an “in loco parentis” relationship (that is, the employee has not assumed parental obligations and responsibilities).
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CBIA IS FIGHTING TO MAKE CONNECTICUT A TOP STATE FOR BUSINESS, JOBS, AND ECONOMIC GROWTH. A BETTER BUSINESS CLIMATE MEANS A BRIGHTER FUTURE FOR EVERYONE.