Lt. Gov. Nancy Wyman broke an 18-18 tie in the Connecticut Senate on Saturday, as Constitution State lawmakers became the latest to pass legislation creating a retirement savings program for eligible private-sector employees not already covered by a 401(k) plan.
The local NBC affiliate reports that Wyman’s actions cemented final legislative approval of a measure first proposed several years ago. It now moves to the governor.
“The bill creates an agency that will establish a Roth individual retirement account program for workers whose employers have at least five employees paid at least $5,000 in the preceding year,” NBC Connecticut adds. “The employers will be required to automatically enroll each worker, who can opt out.”
Proponents say the bill is needed because 600,000 Connecticut workers don’t have access to a workplace retirement program. Opponents say workers can open their own IRAs and the bill creates a burden for employers.
With more than 20 years serving financial markets, John Sullivan is the former editor-in-chief of Investment Advisor magazine and retirement editor of ThinkAdvisor.com. Sullivan is also the former editor of Boomer Market Advisor and Bank Advisor magazines, and has a background in the insurance and investment industries in addition to his journalism roots.