By  on May 12, 2008

Majority Democrats in Connecticut's Senate proposed a bill to establish a universal 401(k) savings plan for the state's small businesses, which would enable more workers to have a retirement plan.

It would be the first universal state-sponsored 401(k) plan in the nation. The legislation was intended to give small employers and individuals a low-cost option. Opponents argued it would be too expensive and would not address the costs to small businesses.

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