Hartford – A bill that would establish a state-administered retirement savings plan for low-income private sector workers and a feasibility study awaits a vote in the state Senate.

The legislature’s Labor and Public Employees Committee introduced the bill.The committee's

co-chair is Sen. Cathy Osten, D-Sprague.

This bill would create the Connecticut Retirement Security Trust Fund or trust, that would provide a public retirement plan for certain private sector employees.

“We have to start looking at ways of providing living wages and ways to provide for people to contribute to retirement,” Osten said.

Proponents of the bill say too many people are not taking advantage of private retirement plans offered by employers or private companies and that pension plans at private companies have decreased, leaving many unprepared for retirement. Opponents say the state should spend its time educating the public about the retirement plans that already exist in the marketplace. Because of strong opposition to the bill, Senate Bill 54, lawmakers say they are working on an amendment.

The trust would be administered by an 11-member Connecticut Retirement Security Trust Fund Board, which would be chaired by the state treasurer and comptroller. It would be up to the board to determine policies such as the “eligibility of an employer, employee or any other individual to participate.”

The bill passed 7-3 in the labor committee and 28-20 in the Appropriations Committee where it received resistance from many Republicans.