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Democratic Leaders Back Public Retirement Program

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Cash. Photo by WTIC's Matt Dwyer.

Cash. Photo by WTIC’s Matt Dwyer.

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HARTFORD, Conn. (AP) _ Two Democratic leaders of the General Assembly are supporting a bill that would create a state-administered retirement savings plan for private-sector workers.

Senate Majority Leader Martin Looney and House Majority Leader Joe Aresimowicz (ehr-eh-SIM’-oh-wits) said Tuesday they want to make sure Connecticut retirees have an opportunity to generate retirement income in addition to Social Security.

Looney said “far too many” Connecticut citizens rely solely on Social Security, which averages $15,228 a year.

Legislation proposed this session would establish a trust fund, administered by an 11-member board and chaired by the Treasurer and Comptroller. The panel would set a rate of return guaranteed by private insurance. It would be open to anyone working for an employer with five or more workers that does not offer a retirement plan.

(© Copyright 2014 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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