Connecticut is facing a retirement crisis. The “three-legged stool” meant to provide retirement security (pension, savings, Social Security) is in disrepair.
That's why Council 4 is urging legislators to support the concept of an affordable, voluntary public retirement plan to expand retirement security and boost the local economy.
"Over 686,000 thousand workers in Connecticut between the ages of 25 and 64 did not have access to a retirement plan through their employer in 2010," Economist Joelle Saad-Lessler told Connecticut legislators.
A new study documents a downward trend in both employer sponsorship of retirement plans and employee participation rates in Connecticut from 1998 to 2012, making it increasingly difficult for workers to prepare for retirement.
In 2010, 50% of Connecticut’s workers – 740,000 residents – were not participating in an employer-provided retirement plan.
"We want to make sure that after a lifetime of work, every future retiree has the opportunity to retire with adequate income and dignity," said Karen Friedman, Executive Vice President and Policy Director of the Pension Rights Center.
Council 4 is urging legislators to pass SB 54, which would create a public retirement plan for all workers. The bill currently awaits action by the State Senate.
Click here to take action in support of SB 54.