HB 05591 Summary

• Creates the Connecticut Retirement Security Program to provide retirement savings options for private sector employees whose employers do not offer retirement plans

• Establishes an individual retirement account program administered by the state to help workers save for retirement through payroll deductions

• Requires employers with 5 or more employees who do not offer a retirement plan to either offer a qualified plan or allow employees to participate in the state program

• Sets up automatic enrollment in the program with employee opt-out provisions, with initial contribution rates and investment options to be determined by program regulations

• Exempts small employers with fewer than 5 employees from participation requirements