Connecticut plan could ease retirement worries
As many as 600,000 more could follow, by state estimates, as
This past week,
Under board chair
Speaking at a
"It's a legitimate question," Jackson told CRSA directors. "The first effort would likely be to explain to the Legislature what has transpired, and provide the information, and indicate that the setup was not a setup to succeed."
One in four on empty
As of 2017, the
CRSA would enroll participants at a default 3 percent contribution rate, which workers could adjust upward or downward at any point. For the median
On behalf of plan participants, the CRSA plan would invest in a passive equity fund, a money market fund and target date funds that transfer money into more conservative investments the closer individuals get to retirement age. The plan would be able to move with workers as they change jobs, including if they move out of state.
Self-sustaining at 3 percent?
The 3 percent contribution rate
OregonSaves enrolls workers at a 5 percent initial savings rate, which escalates 1 percent annually after that to a 10 percent cap. After five years at
At last week's board meeting, one director questioned the 3 percent rate set under the enabling legislation for the
"Our feasibility board recommended that the minimum amount of contribution be 6 percent," said
CRSA represents a start, however, and as workers get statements showing their nest eggs growing, the hope is many would adjust those percentage contributions upward and explore other ways to save for retirement -- and that any small-business owners who do not offer their employees retirement plans will be prompted to look into doing so.
"I know (there are) 600,000 people in
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