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The state of Connecticut is one step closer to passing its Retirement for All CT bill or Senate Bill 249, which would create a public retirement option that would provide employers and workers with a low-risk alternative to plans offered by the insurance industry. A labor committee public hearing is set for March 11 in Hartford.

The plan would not require the employer to become a fiduciary or take on any liability, but it would allow those not covered by retirement plans to put a percentage of their pay into a trust fund administered by the state. The accounts would be portable, allowing workers to continue to save for retirement when they change employers.

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