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Representative Wilson’s Statement on MyCTSavings Program

Posted on March 29, 2022


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Last Thursday, our House Minority Leader addressed the MyCTSavings Program, which I have included below. It will have significant impacts on our small business owners and employees, who already bear a host of hurdles trying to conduct business in Connecticut. I have followed this from its inception and as a former financial advisor to small businesses for over 40 years, I have some strong opinions, as well as the knowledge to know that state government should not be involved in the business of a state-sponsored retirement program. IRA accounts are already available to all workers and most providers have availability of authorization through payroll deduction for their business owners if the business is not able to offer a qualified retirement plan.

With the constant challenges that have been thrown at the people of our state over the last two years, at some point enough is enough! With a soaring inflation, your average worker needs every dollar in their paychecks, and now on top of the PFMLA deductions, they want to take more from that pay. A mandated 3% contribution is $22.50 per week for a $750 paycheck which equals an annual contribution of $1125 into the plan. The 30-year accumulation at 6.25% drives this number to $92,953. Keeping all this in mind, on top of all of the other deductions that employees face, it is a significant amount of money especially in today’s economic climate no matter how you break it down.

At a time when the House and Senate have passed legislation suspending the state gas tax until June 30th, the majority finds yet another way to extend government to our shops on Main Street and into homes across our state.


House GOP Leader Candelora Statement on MyCTSavings Program

HARTFORD—House Republican Leader Vincent Candelora on Thursday issued the following response to the announcement from the Governor, Comptroller, and House Majority Leader regarding the launch of the new retirement savings program sponsored by Connecticut’s Retirement Security Authority:

 

“The last thing mom and pop shops on our main streets need right now is another onerous mandate from their government, and this state-sponsored retirement program fits that description to a tee. Forcing employers—particularly those with limited staffing resources—to jump through more bureaucratic hoops under threat of penalty won’t help them grow stronger and create more jobs here. The timing of this couldn’t be more challenging. Connecticut businesses are still recovering from the headaches posed by government’s response to COVID-19, and they’ve yet to feel the full impact of the state’s generous paid family leave program. I’m not only concerned that our state’s economic recovery will be hampered by the combined impact of these issues and other anti-employer concepts under consideration, but that workers can’t afford to have 3 percent deducted from their paychecks as they struggle with inflation affecting food and other household items. The launch of this program today is simply out of step with on-the-ground realities faced right now businesses and their employees.”

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