House narrowly approves study of state-administered retirement plan
The House of Representatives voted 75-61 Tuesday night for a bill that authorizes a study of a controversial concept: A state-administered pension fund for employees of private companies that offer no pension or other retirement savings plans.
About 61 percent of employers nationwide sponsored plans in 2000, but just 53 percent did by 2010, according to the Schwartz Center for Economic Policy Analysis in New York. Over the same period in Connecticut, the percentage dropped from 64 percent to 58 percent.
The state’s chief business lobby, the Connecticut Business and Industry Association, opposes the study, arguing it would harm the private financial services industry and expose taxpayers to financial risks. The bill now goes to the Senate.
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