PRESS ADVISORY: COMPTROLLER LEMBO TO ADDRESS RETIREMENT SAVINGS CRISIS AT TONIGHT’S LIVE CPTV TOWN HALL MEETING
Downes, Tara
***PRESS ADVISORY***
COMPTROLLER LEMBO TO ADDRESS RETIREMENT SAVINGS CRISIS AT TONIGHT’S LIVE CPTV TOWN HALL MEETING
State Comptroller Kevin Lembo, co-chair of the Connecticut Retirement Security Board (CRSB), will serve as a panelist tonight at a live CPTV event that will explore Connecticut’s Retirement Savings Crisis.
The event – FUNDING YOUR FUTURE: A CPTV TOWN HALL MEETING – will be hosted by journalist Diane Smith and air live on CPTV at 8 p.m. tonight. The program re-airs on Sunday, March 27 at 7 p.m. and Monday, April 4 at 10 p.m.
“There is an entire generation of employees, many of them lifelong hard-working middle class people, who are headed to retirement financially unequipped, in part due to lack of access to a workplace-based retirement savings option,” Lembo said. “I strongly believe that a private-sector solution should be the first answer to this challenge – but the market is currently failing to reach nearly half of our workforce.”
The CRSB recently announced an implementation plan for a state-run retirement savings program for private-sector employees in Connecticut. The program could serve almost 600,000 Connecticut residents who currently have no access to workplace-based retirement savings.
“This plan – following substantial market research and broad input from the public, academics and business community – provides a solid framework to address Connecticut’s growing retirement gap,” Lembo said. “The goal is not to compete or replace the private market, but to fulfill a significant unmet need in the market that must be answered for the sake of those families and our entire state economy.”
Lembo said it’s important to note that the state plan would not be mandatory for businesses that currently already offer a 401K plan or other workplace-based retirement savings option to all employees; it would not require that participating employers contribute to the program (only that they provide a payroll deduction mechanism for employees to contribute); and employee participation in the savings would be voluntary.
PANELISTS: Kevin Lembo, Connecticut State Comptroller
Sarah Gill, AARP Senior Legislative Representative
Jamie Kalamarides, SVP of Institutional Investment Solutions, Prudential Retirement
Cynthia Del Favero, CHOICES Regional Coordinator, North Central Area Agency on Aging
WHEN: 8 PM on TUESDAY, MARCH 1
MORE DETAILS: Call-in phone number: 1-800-842-2788
Twitter: @CPTVonline, #TownHall
Email: TownHal...@cptv.org
http://cptv.org/programs/funding-your-future/
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Tara Downes
Director of Communications
Office of the State Comptroller
(p) 860-702-3308