Speaker Aresimowicz Honored by AARP

January 18, 2018

(Left to Right) Speaker of the House Joe Aresimowicz (D-Berlin/Southington); Janet Ferracci-Carter, Advocacy Specialist for the AARP Southington Branch; and Laura Schiavone, Advocacy Specialist for the AARP Southington Branch presented Rep. Aresimowicz with the AARP Legislative Achievement Award and National AARP Super Saver Award.

Speaker of the House Joe Aresimowicz (D - Berlin/Southington) has been awarded the AARP Legislative Achievement Award, as well as the National AARP Super Saver Award in recognition of his leadership on retirement savings in Connecticut.

“I’m truly honored to receive these recognitions from AARP,” said Aresimowicz. “AARP has been a great partner in our crusade to establish the Connecticut Retirement Security Program. This program is in the process of being rolled out and will help the more than 600,000 Connecticut residents, mostly small business workers, who do not have a retirement savings plan available to them through their employer. It will now be easier for these employees to save for their retirement, while also saving money for future taxpayers.”

AARP honored Aresimowicz for his leadership and outstanding advocacy for the creation of the Connecticut Retirement Security Program (PA 16-29), which establishes the Connecticut Retirement Security Exchange, giving private sector workers who do not have access to an employer-sponsored retirement plan, a low-cost way to save for retirement, at no cost to the tax payers of Connecticut. Studies, including a nearly 2-year analysis by the Connecticut Retirement Security Board, determined that this model is feasible, cost-effective, and widely supported by both employees and employers.

“On behalf of AARP’s over 600,000 members in Connecticut, we are pleased to select Speaker Aresimowicz to receive an AARP Connecticut Legislative Achievement Award in recognition of his leadership on retirement savings. In addition, AARP is also pleased to honor him with a national AARP Super Saver Award,” said John Erlingheuser, Associate State Director of Advocacy and Outreach for AARP. “In 2016 Connecticut enacted an historic law to help employees look forward to a more secure and independent retirement. AARP applauds Representative Aresimowicz for bold and visionary leadership to ensure retirement security for all Nutmeggers. We thank him for his support that ensured passage of the Connecticut Retirement Security Program.”

The law, as amended by PA 16-3, creates a quasi-public authority charged with working with the private marketplace to develop Individual Retirement Accounts (IRAs) for employees of employers that do not offer a retirement savings plan. The program will cap fees, allow for employees to take their money with them if they switch jobs, and will facilitate automatic enrollment.

In 2016, AARP released the results of their own survey among Connecticut voters, age 35-64, about workplace retirement savings plans, which support the findings of the CRSB study. Eighty-eight percent of those surveyed said they wished they had saved more for retirement, and 61 percent, or 3 out of 5, said they were concerned that some residents have not saved enough for retirement and could end up being reliant on public assistance.