The Connecticut Retirement Security Authority has opted to plan for a “phased roll-out” of the state-run Individual Retirement Account (IRA) program.
Regarding details about enrollment, JD Supra states that:
“Under the program, private Connecticut employers, whether for profit or not-for-profit, who have five or more employees would have to provide covered employees with informational materials and automatically enroll them into the program.”
Created by the Connecticut General Assembly, the purpose of the program is to maintain an IRA for employees whose private employers do not provide retirement plans.
The program, initially set to launch January 1, 2018, has been postponed until further notice.
For more information on the program’s update, please click here.
The information included in this blog post originally appeared in an article from JD Supra on February 18, 2019, written by Kelly Smith Hawthorn.