Update on CT Small Business Retirement Plans

A quick update on the hearing that was held on February 24th.

Brian Graff of ASPPA opened the testimony with a great visual, the 5 volume, 7000+ page ERISA Outline Book by Sal Trapodi being stacked upon the desk. In short, when Brian finished his testimony one of the co-chairs of the committee stated that there are obvious 'weaknesses' in the proposed bill, at which time Brian was asked for suggestions on alternative solutions. Brian indicated that payroll deducted IRAs is the route other states are venturing down.

In the end, a number of us testified against the proposed bill, and the sense is that the committee will not vote it through this year, but rather look at other avenues to help small companies set up some type of retirement savings plan. I am hopeful, but will continue to monitor the bill and let you know of any changes.

Thank you for those who called or emailed me with their support!