Connecticut Seal

General Assembly

 

Committee Bill No. 54

January Session, 2013

 

LCO No. 4524

 

*04524SB00054LAB*

Referred to Committee on LABOR AND PUBLIC EMPLOYEES

 

Introduced by:

 

(LAB)

 

AN ACT CONCERNING A RETIREMENT SAVINGS PLAN FOR LOW-INCOME PRIVATE SECTOR WORKERS.

Be it enacted by the Senate and House of Representatives in General Assembly convened:

Section 1. (Effective July 1, 2013) (a) There is established a Retirement Savings Plan for Low-Income Private Sector Workers Task Force. The task force shall study the feasibility of establishing a defined benefit plan for low-income private sector workers who do not currently have access to an employer-sponsored retirement plan that would allow such workers to contribute a certain percentage of their annual salary to a state-administered retirement savings trust.

(b) The task force shall consist of the following members: (1) The chairpersons and ranking members of the joint standing committee of the General Assembly having cognizance of matters relating to labor and public employees; (2) the Labor Commissioner, or the commissioner's designee; (3) the State Comptroller, or the comptroller's designee; (4) the State Treasurer, or the treasurer's designee; (5) one member of the Senate and one member of the public appointed by the president pro tempore of the Senate; (6) one member of the public and one member of the House of Representatives appointed by the speaker of the House of Representatives; (7) one member of the public and one member of the Senate appointed by the majority leader of the Senate; (8) one member of the public and one member of the House of Representatives appointed by the majority leader of the House of Representatives; (9) one member of the public and one member of the Senate appointed by the minority leader of the Senate; and (10) one member of the public and one member of the House of Representatives appointed by the minority leader of the House of Representatives.

(c) All appointments to the task force shall be made not later than July 31, 2013. Any vacancy shall be filled by the appointing authority.

(d) The chairpersons of the joint standing committee of the General Assembly having cognizance of matters relating to labor and public employees shall serve as the chairpersons and shall schedule the first meeting of the task force, which shall be held not later than September 30, 2013. The Labor Department shall provide any necessary support staff or services for the task force.

(e) Not later than October 1, 2014, the task force shall submit a report on its findings and recommendations to the joint standing committee of the General Assembly having cognizance of matters relating to labor and public employees, in accordance with the provisions of section 11-4a of the general statutes.

(f) The task force shall terminate on October 1, 2014.

This act shall take effect as follows and shall amend the following sections:

Section 1

July 1, 2013

New section

Statement of Purpose:

To study the feasibility of creating a state-administered retirement plan for low-income workers.

[Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, except that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not underlined.]

Co-Sponsors:

SEN. LOONEY, 11th Dist.

S.B. 54