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Lawmakers and educators push SMART Plan auto-enrollment and expanded access to deferred savings
Summary
Supporters told the Joint Committee on Public Service that bills to automatically enroll state employees in the SMART Plan and to expand the Core 401(k)-style option would broaden low-cost retirement options for state, municipal, and nonprofit workers.
Senator Brendan C. Lovely (testifying remotely) and educators urged the Joint Committee on Public Service to back legislation that would expand access to low-cost retirement savings through automatic enrollment and by broadening the Core plan.
Senator Lovely said the SMART Plan (Save Money and Retire Tomorrow) and related bills would offer “high quality low cost retirement savings” to state and municipal workers…
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