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Concern Over State-Administered Pension Plan

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Connecticut Capitol Hall of the House (Bob Falcetti/Getty Images)

Connecticut Capitol Hall of the House (Bob Falcetti/Getty Images)

HARTFORD, Conn. (AP) _ Legislative Republicans and some financial planners are voicing opposition to a bill that would create a state-administered retirement savings plan for private-sector workers.

Senate Minority Leader John McKinney, a candidate for governor, said Thursday the legislation is unnecessary, adding how there are plenty of opportunities for people to open a retirement account with only $50. McKinney said the real issue is that people don’t have enough money to invest in their retirements.

Under the bill, which is still moving its way through the legislative process, two-to-five percent of a worker’s income would be deposited into the plan, to be administered by an 11-member board and chaired by the Treasurer and Comptroller.

The bill’s advocates estimate more than 600,000 Connecticut workers don’t have a way to save for retirement at work.

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 This material may not be published, broadcast, rewritten or redistributed.) 

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