Connecticut's legislature paved the way this week for the creation of a state-run public IRA plan that would be open to all private-sector workers.

The General Assembly has allocated $400,000 from next year's budget for the creation of the Connecticut Retirement Security Board, to be run within the State Comptroller's Office. The board, which will be comprised of employees, employers, investment experts and representatives of the Governor's office, is charged with conducting a feasibility study and a plan for implementation of the new retirement plan by 2016.

The funds mark the largest ever investment toward creating a state-run retirement plan for workers in the private-sector. There are currently more than 740,000 workers in Connecticut without access to an employer-based retirement savings plan. 

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Nick Thornton

Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.