SOUTHINGTON - State House Speaker Joe Aresimowicz, D-Berlin, has received the AARP Legislative Achievement Award and the National AARP Super Saver Award.
“I’m truly honored to receive these recognitions from AARP,” said Aresimowicz. “AARP has been a great partner in our crusade to establish the Connecticut Retirement Security Program. This program is in the process of being rolled out and will help the more than 600,000 Connecticut residents, mostly small business workers, who do not have a retirement savings plan available to them through their employer. It will now be easier for these employees to save for their retirement, while also saving money for future taxpayers.”
AARP honored Aresimowicz for his leadership and advocacy for the creation of the Connecticut Retirement Security Program (PA 16-29), which establishes the Connecticut Retirement Security Exchange, giving private-sector workers who do not have access to an employer-sponsored retirement plan a low-cost way to save for retirement, at no cost to taxpayers.
The law, as amended, creates a quasi-public authority charged with working with the private marketplace to develop individual retirement accounts for employees of employers that do not offer a retirement savings plan. The program will cap fees, allow for employees to take their money with them if they switch jobs, and will facilitate automatic enrollment.
In 2016, AARP released the results of its own survey among Connecticut voters, age 35-64, about workplace retirement savings plans, which support the findings of the CRSB study.
Eighty-eight percent of those surveyed said they wished they had saved more for retirement, and 61 percent, or 3 of 5, said they were concerned that some residents have not saved enough for retirement and could end up being reliant on public assistance.