Bill > SB00620

This bill proposes several modifications to the Connecticut Retirement Security Program that fundamentally change its current structure and operation. Specifically, the bill shifts the program from an automatic enrollment model to an opt-in system, where employees must actively choose to participate rather than being automatically enrolled by their employers. The default contribution rate would be set to zero, meaning no money will be automatically deducted from an employee's paycheck unless they specifically elect to contribute. The bill also introduces new requirements for the Comptroller, mandating that they be a licensed security broker and prohibiting them from selecting investment vehicles based on any criteria other than the potential net returns for program participants. Additionally, the legislation removes the previous penalty for employers who did not enroll covered employees in the program, effectively making participation voluntary for both employers and employees. These changes aim to provide more individual choice in retirement savings and potentially reduce mandatory financial obligations for both workers and businesses participating in the Connecticut Retirement Security Program.

Labor and Employment

https://www.cga.ct.gov/asp/cgabillstatus/cgabillstatus.asp?selBillType=Bill&bill_num=SB00620&which_year=2025