Senate Leadership
November 13, 2008
Williams Wins AARP Legislative Achievement Award for Leadership on State-K Proposal
Senate Donald E. Williams, Jr. says now is the time to help people struggling to save for retirement
Senate President Donald E. Williams, Jr. (D-Brooklyn) has earned the AARP’s Legislative Achievement Award because of his leadership on helping employees of small businesses and not-for-profits, and the self-employed, save for retirement. Executives with the AARP made the announcement today at the AARP’s 50th Anniversary celebration at the Aqua Turf Country Club in Plainville.
“Even before the economic crisis hit, Senator Williams had the foresight and leadership to recognize that more can and should be done to help Connecticut residents save for their future,” said Gardner Young, AARP Connecticut Advocacy Leadership Council Chairman.
“AARP is pleased to honor Senator Williams with our Legislative Achievement Award for his leadership on legislation that would have created the first-in-the nation universal retirement savings plans for small businesses and their employees,” continued Mr. Young. “AARP commends Senator Williams and looks forward to working with him again next year to ensure the financial security of Connecticut residents.”
"The financial meltdown has made it much more difficult for people to save for retirement,” said Senator Williams. “For those who have been saving, opening the bank statements can be a frightening experience. By pooling together small business employees from across Connecticut, we can help people save for retirement and instantly give our small businesses a real advantage over out-of-state competitors. Creative solutions that don’t cost a lot of money — that’s exactly what government should be focused on right now.”
Senator Williams has been credited with being the champion of the so-called ‘State-K’ proposal, which would have made Connecticut the first state in the nation to create a state-administered deferred compensation plan including a 401(k) plan-to small businesses, self-employed individuals, and not-for-profits.
S.B. 652 "An Act Concerning Small Business Retirement Plans," which was supported by State Comptroller Nancy Wyman and Attorney General Richard Blumenthal, passed the Senate but was not voted on in the House. Senator Williams will continue to work with advocates and his colleagues in the General Assembly on the State-K proposal.
Currently, about 75 percent of Connecticut's small businesses (those with fewer than 100 employees) do not offer retirement plans. One significant reason for this problem is that due to their size, small businesses cannot achieve the economies of scale that make 401(k) programs useful to their employees; fees are too high to allow meaningful growth for retirement.
Senator Williams was not the only member of the Senate Democratic Caucus to receive special recognition from the AARP. Senator Robert Duff (D-Norwalk) was recognized for his work on Connecticut’s historic mortgage relief bill and Senator Joe Crisco (D-Woodbridge) was honored for supporting driving safety programs for seniors.
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