Defined Contribution

Contributions to small business retirement plans have increased dramatically since the Great Recession.

The General Assembly has allocated $400,000 from next years budget for the creation of the Connecticut Retirement Security Board, to be run within the State Comptrollers Office.

Christie, a second-term Republican, proposed the largest budget in state history in February to pay for rising costs of health benefits, pensions and debt.

Several of the biggest names in the 401(k) industry received rating changes in April. Blackrock Capital Aggregation fund was upgraded to Bronze from neutral. Diamond Hill small-cap fund was upgraded to gold from silver.

SunGard Financial Systems announced Wednesday that retirement plan administrators Noble-Davis Consulting and Alliance Benefit Group of Michigan have gone live on SunGards WealthStation MyRetirement income analysis tool.

New workers will have the option of choosing a 401(k) plan or a hybrid plan in which one third with will be a 401(k) and two-thirds will be a traditional pension.