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Sen. Osten among those seeking IRA for low-income workers, self-employed
Hartford — Labor advocates and state Sen. Cathy Osten, D-Sprague, announced Tuesday that they will push for a new state-administered trust fund to give low-income private sector workers and self-employed people access to an individual retirement account.
Osten said the retirement system would be based on contributions made by the workers and would not call for contributions from the state or employers. The cost to employees would be low because administrative fees would be lower than those of plans currently offered in the private market, advocates said.
The provisions in the new legislative bill would be based on Senate Bill 54 from last year, Osten said.
If passed, the new trust fund would be called the Connecticut Retirement Security Trust Fund. The proposal calls for it to be managed by a board chaired by the state treasurer and comptroller.
http://www.theday.com/article/20140211/NWS12/140219891
Osten said the retirement system would be based on contributions made by the workers and would not call for contributions from the state or employers. The cost to employees would be low because administrative fees would be lower than those of plans currently offered in the private market, advocates said.
The provisions in the new legislative bill would be based on Senate Bill 54 from last year, Osten said.
If passed, the new trust fund would be called the Connecticut Retirement Security Trust Fund. The proposal calls for it to be managed by a board chaired by the state treasurer and comptroller.
http://www.theday.com/article/20140211/NWS12/140219891