CT State 401(k) Plan Proposal Dies as Session Ends

May 8, 2008 (PLANSPONSOR.com) - A bill allowing the state of Connecticut to sponsor a 401(k) plan for small businesses apparently was a casualty of the last-minute scramble by lawmakers to end their current session Wednesday night.

Senate Bill 652 was among a host of bills on the state House schedule for consideration as the session wound down, but the measure never came up for a vote, according to legislative records.

Backed by a coalition of Democrats including Senate President Pro Tem Donald Williams, the measure would have allowed the state comptroller to have the program created for employers with fewer than 100 workers.The bill  would also apply to self-employed individuals and tax-exempt nonprofit organizations, which could get payroll deduction IRAs and other offerings in a voluntary program with no mandatory employer contribution (See Bill to Create State DC Plan Passes CT Senate ).  

The bill   passed the Senate in April on a party line vote of 22 to 11.