Friday, May 12, 2017

Lesser Praises Passage Of Bill

Lesser Praises House Passage Of Bill Requiring
Disclosure Of Conflict In Retirement Planning

Rep. Matthew Lesser (D-Middletown) on Thursday praised the House unanimous passage of legislation that would require companies administering municipal plans to disclose their fee ratios and conflicts of interest.

“The Connecticut House of Representatives took an important step towards reforming the 403(b) industry this afternoon,” Lesser said. “With a unanimous vote, the House is sending a message that Connecticut teachers should be told about fees and conflicts of interests prior to being sold voluntary retirement products. This is a big deal for any teacher planning to save for retirement.”

The bill goes to the Senate for consideration. If passed and signed into law by Gov. Dannel Malloy, the legislation would be effective Oct. 1.

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