Conn. unions back public retirement account bill

HARTFORD, Conn. (AP) — Connecticut unions and other advocacy groups are pushing again for legislation creating a new public retirement plan for people without an employer-sponsored plan.

A statewide coalition Tuesday voiced support for the concept, recently raised for consideration this session by the General Assembly’s Labor and Public Employees Committee.

The bill is expected to be similar to last year’s proposal, which called for the creation of the Connecticut Retirement Security Trust Fund, to be administered by a board run by the state’s treasurer and comptroller. The plan would offer individual retirement accounts, or IRAs, with a number of features, including an automatic rollover if the employee changes jobs.

Sal Luciano, executive director of the labor union Council 4 AFSCME, said a public retirement plan would help address the state’s “retirement crisis.”

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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