State Senator Donald E. Williams, Jr.
March 26, 2008
Williams Addresses Windham Chamber of Commerce
Senator Williams details news plans to help small business and grow jobs
Senate President Donald E. Williams (D-Brooklyn) addressed members of the Windham Region Chamber of Commerce today and briefed them of the Senate Democrats' efforts to help small businesses and grow jobs.
"Connecticut faces tough economic times and it is imperative that we in the General Assembly do all that we can to help small businesses thrive and grow jobs," said Senator Williams--who outlined two new proposals that would support businesses and workers in Connecticut.
401(k) plan: Currently, about 75% 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. The result for the few companies that do participate can be higher fees for workers trying to save for retirement. If enacted, Connecticut would become the first and only state in the nation to offer such a plan.
"The high fees associated with 401K plans disproportionately hurt people who work for small businesses," said Senator Williams. "The result is that the majority of these employees don't have 401K plans and at the same time, the small businesses are at a competitive disadvantage when it comes to recruiting workers. Our proposal will help people save for retirement and instantly give our small businesses a real advantage over out-of-state competitors."
Reciprocal Preferences for in-state businesses: Senator Williams also detailed a proposal--announced yesterday--that would give an advantage to in-state businesses competing with certain out-of-state companies for state contracts. Currently, the State of Connecticut has hundreds of contracts, worth hundreds of millions of dollars, with out-of-state companies. Many of those companies are from states that have enacted laws that make it difficult--or even impossible--for Connecticut companies to compete for their state's contracts. For example, a printing company from Michigan has won a contract to print Connecticut's annual Register and Manual (Blue Book), yet Michigan sets aside all state printing contracts for Michigan companies.
"Connecticut companies deserve a level playing field and right now that doesn't exist," said Senator Williams. "We can't change the laws in other states but we can give an advantage to local companies when they're competing with certain out-of-state businesses, helping ensure that more of our tax dollars and jobs stay in Connecticut."
Senator Williams says Connecticut should enact a reciprocal preference law, joining the 35 other states which already have one. By doing this, Connecticut companies competing for in-state contracts would have an advantage over any competing company from one of the 20 states, such as Michigan, with a preference law.
This reciprocal preference plan has won support from a number of chambers of commerce, including the Chamber of Commerce of Eastern Connecticut.
"I support the Senate Democrats' effort to create a level playing field for Connecticut businesses," said Chamber President Tony Sheridan. "The Chamber of Commerce of Eastern Connecticut has started a similar 'buy local' program and it is effective and popular. The Senate Democrats have my full support in their effort to keep tax dollars in Connecticut and help grow jobs."
|
Senator Williams’ |
Listing of Senator Williams’ recent press releases and a Press Kit with official head shots and bio. |
Press Aide Derek Slap |
