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February 12, 2014

Group renews push for public retirement plan

The Connecticut chapter of a national union-affiliated nonprofit representing the interest of retirees is pushing state lawmakers to create a public trust fund for retirement savings.

The Connecticut Alliance for Retired Americans wants the state to create a lower-cost, lower-risk retirement investment plan for both private and public employees.

The initiative, similar in some ways to a recently launched federal program, is aimed at giving more options to low-income workers whose employers don’t sponsor or offer a retirement savings plan.

State Sen. Martin M. Looney (D-New Haven) plans to reintroduce legislation this session that would create the trust fund, according to the group.

The state chapter, which is led by SEIU Local 1973 Vice President Bette Marafino, points to statistics showing that approximately 740,000 Connecticut residents are not participating in an employer-provided retirement plan.

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