Proposal for Another State Mandate on Businesses

Action is urgently needed to stop a costly and intrusive new state mandate on Connecticut employers, now being considered by the Connecticut Retirement Security Board.

The proposal:

  • Creates a state-run, IRA style retirement plan for private-sector workers whose employers do not offer retirement products to ALL (part- and full-time) employees (such as a pension plan, IRA or 401(k)).
  • Requires employers to manage the program according to state guidelines or face penalties and fines  
  • Directly competes with Connecticut’s financial services businesses that employ more than 100,000 people in the state and who offer excellent retirement planning products
  • Exists nowhere else: Once again, Connecticut would be first with a new employer mandate. 

This could also increase state taxes because the proposal guarantees a rate of return, potentially creating a new and massively underfunded liability for taxpayers

Urgency:

The Connecticut Retirement Security Board is now seeking public comment on the proposal.

Write a letter, by Wednesday, Oct. 29, on your company’s letterhead and addressed to The Connecticut Retirement Security Board that outlines your opposition to the proposal and how it would impact your business.

Here's a sample letter.

Send your letter to:

Eric Gjede (eric.gjede@cbia.com)
CBIA
350 Church St.
Hartford CT 06103

All letters will be submitted to the Connecticut Retirement Security Board on the date of their public hearing on Monday, Nov. 3. 

Please respond

The only way Connecticut can change the nationwide perception that it is a bad place for business is by opposing this type of bad-for-business legislation. 

Thank you for your support as we continue to work to make Connecticut an ever better place for businesses. 

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