Connecticut officials are seeking public input on a proposal to create a state-administered retirement plan for private sector workers.
Supporters of the proposal say state intervention is essential because as many as 600,000 residents have little or no retirement savings. But business groups say the state shouldn’t be competing with the private marketplace for retirement planning.
Comptroller Kevin Lembo co-chairs the panel working on the idea. "We’re really in the information gathering stage at this point," he said. "It’s really early to say what the plan will ultimately look like."
Lembo’s panel will hold a public hearing on Wednesday evening at Central Connecticut State University in New Britain.
Colt Refinances
Gunmaker Colt says it’s avoided defaulting on a loan, after securing new financing. The West Hartford based company last week said falling revenues meant it was at risk of missing a payment on an $11 million loan. Now it says it’s taken out a new loan with Morgan Stanley.
Foxwoods New Boss
Foxwoods resort casino has named a new CEO, following the departure of Scott Butera. Felix Rappaport, who’s been the casino’s chief operating officer since February will step up to the top post. Butera left to become commissioner of the Arena Football League.
Connecticut's Credit Improves
Connecticut’s credit ranking has improved, according to Conning’s State of the States list. We’re now up at 45th, after coming in dead last last year, and 49th in May. Growth in the state’s tax revenues helped the state’s placement. Conning looks at factors like debt load, economic competitiveness, unemployment and housing prices in making the ranking.
