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Connecticut State-Run Retirement Plan for Private-Sector Employees Passes, More or Less
The Baseline Scenario Link to more items from this source
[Opinion]
May 20, 2014
"Connecticut is one of several states ... that are in the process of implementing these public retirement plans ... They can solve several of the common problems with 401(k) plans: nonexistence (at many employers), low participation rates, investment risk, pre-retirement withdrawals, lump-sum distributions at retirement, to name a few. But they can't solve the underlying problem, which is that many people just don't make enough for saving 3 percent of their salary each year to make much of a difference.... If we really want to protect people against retirement risk, we need to actually spread risk by making either the funding mechanism or the benefit formula progressive, which means we can't regard the idea of the untouchable individual account as sacrosanct."

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