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| Rep. Lesser |
Legislation introduced by
Rep. Matthew Lesser (D-Middletown) to reform the teacher retirement
account industry and provide much needed consumer protections is now
headed to Gov. Dannel P. Malloy for his signature.
Lesser led the House recently in passing House Bill
7161, An Act Requiring Administrators of Certain Retirement Plans to
Disclose Conflicts of Interest, and the Senate on Tuesday unanimously approved the legislation. The bill is supported
by labor and consumer groups.
“With the help of the New York Times we uncovered
widespread instances of Connecticut teachers being charged
extraordinarily high fees for investments made through 403(b) plans, a
type of voluntary tax advantaged defined contribution retirement
plan,” Lesser said.
“This bill grants teachers the same fee and
conflict of interest disclosures available to private sector workers
having a 401(k) and allows the comptroller to make lower cost plans
available directly to local boards of education,” Lesser
said.
“It is my hope that these reforms, initiated in
Connecticut, will spark nationwide reform and help teachers and other
public workers earn a safe and secure retirement,” Lesser said.
Link to New York Times story:
goo.gl/zAoqkQ
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