The state legislature is studying a plan to create a new and potentially
costly mandate on Connecticut employers.
As planned, any employer that does not currently offer their employees a retirement plan
would be required to help their employees participate in an IRA-style plan—including a
state-run plan—or potentially face a penalty from the state.
YOU SHOULD BE CONCERNED BECAUSE:
1. Employers may be subject to new and significant liability as potential retirement plan fiduciaries, depending on how the legislation is crafted,
2. Employers will incur the administrative burden of facilitating employee participation in a plan
3. As a Connecticut taxpayer, you will be responsible for the start-up costs of a state administered plan. There may be additional liability if the state plan does not meet the guaranteed rate of return.
The legislative group considering this mandate, the Majority Leaders’ Retirement Security Roundtable, will meet again in January.
If you would like t350 Church Street, Hartford, CT 06103-1126 | 860.244.1900 | 860.278.8562 (f) | gov.cbia.com
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Governmento learn more about the issue after that meeting, sign up for “New Retirement Mandate” updates on this page. (http://ow.ly/r6aXm)