OFFICE OF FISCAL ANALYSIS
Legislative Office Building, Room 5200
Hartford, CT 06106 (860) 240-0200
AN ACT CONCERNING SMALL BUSINESS RETIREMENT PLANS.
LCO No.: 4886
File Copy No.: 603
Senate Calendar No.: 399
OFA Fiscal Note
The amendment strikes the original bill and it's associated fiscal impact. The amendment requires the comptroller to establish retirement investment plan for self-employed individuals, employers with 10 or fewer employees, and certain nonprofits. The amendment specifies the program is to be administered by a third party and the plan design must include a fee to participants in order to recover costs associated with the program.
Funding in the amount of $500, 000 is appropriated to the Comptroller's Office in sHB 5021, the Appropriations Act, as favorably reported by the Appropriations Committee, to establish the program. This funding was based upon the participation of employees of businesses with 100 or fewer employees. Based on the more limited scope of the program established by the amendment, the costs associated with the program are anticipated to be lower. The exact savings cannot be determined at this time.
The preceding Fiscal Impact statement is prepared for the benefit of the members of the General Assembly, solely for the purposes of information, summarization and explanation and does not represent the intent of the General Assembly or either chamber thereof for any purpose.