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Retirement Planning

Survey: Small Businesses Support State-Run 401(k) Accounts

A survey sponsored by AARP of businesses with 50 or fewer employees found that 60 percent of managers and owners support the idea of a state-run universal 401(k) plan.

The legislature created a Retirement Security Board last year to study how payroll deductions for retirement savings could be offered to all workers in Connecticut, even those whose employers do not offer a plan or who are not allowed to begin participating because they are part time or too new. The AARP survey asked about the statewide 401(k) under consideration.

Advocates for the idea say it's needed because half of workers were not saving through a 401(k) plan in 2010, most because their employers didn't...