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Connecticut to Implement Mandatory IRA Program

November 7, 2018

Via: SHRM
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Сonnecticut announced that in January 2019 it will begin requiring private-sector employers without their own workplace-based retirement plans to enroll employees in individual retirement arrangements (IRAs) sponsored by the state. The requirement stems from legislation enacted in 2016 that is intended to help employees save for retirement.

The 2016 legislation established the Connecticut Retirement Security Authority (CRSA) to oversee a state-run IRA program for private-sector employees. The program was initially intended to take effect in January 2018, but the CRSA determined that was not administratively feasible.

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