To the Editor:
Here we go again. Ronald Reagan said that the nine most terrifying words in the English language are “I’m from the government and I’m here to help.”
Well, the government is here to help again, this time with retirement savings. The state legislature jammed a proposal into the final budget bill to create the Connecticut Retirement Security Board.
The Board (which also has a $400,000 budget), is to develop a plan to create a retirement program and submit it to the legislature by April 2016.
The goal is a forced (via payroll deduction) retirement plan for private-sector workers. The state says it will charge 1% per year for the privilege of being required to participate.
It’s hard to list in a single letter all the things that are bad about this idea. We already have a “forced” retirement program – it’s called Social Security.
Why does the state think it can do a better job than the thousands of trained and licensed investment advisors, brokers, and certified financial planners that provide retirement guidance? Given the horrible performance of the state in managing the Connecticut retirement system for public employees, it’s not a good bet they’ll do better with your money.
This proposal is a veiled revenue-raising scheme that further intrudes the state into our lives. No thanks, we don’t need your help.