OFFICE OF FISCAL ANALYSIS

Legislative Office Building, Room 5200

Hartford, CT 06106 (860) 240-0200

http://www.cga.ct.gov/ofa

sHB-5591

AN ACT CREATING THE CONNECTICUT RETIREMENT SECURITY PROGRAM.

AMENDMENT

LCO No.: 5724

File Copy No.: 747

House Calendar No.: 227

Senate Calendar No.: 522

OFA Fiscal Note

State Impact: See Below, Increase Potential Revenue Impact no earlier than FY 22

Municipal Impact: None

Explanation

The amendment will increase the potential revenue impact of the underlying bill, no earlier than FY 22 as the amendment increases the number of eligible employers and therefore plan participants.

Contributions to Roth IRAs are not deductible for income tax purposes at the time the contribution is made, but earnings and qualified withdrawals are not taxed. Generally, earnings withdrawn within five years of the contributions are subject to penalty and taxation.

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. In general, fiscal impacts are based upon a variety of informational sources, including the analyst's professional knowledge. Whenever applicable, agency data is consulted as part of the analysis, however final products do not necessarily reflect an assessment from any specific department.