News From Kevin Lembo

COMPTROLLER LEMBO RECEIVES AARP LEGISLATIVE ACHIEVEMENT AWARD FOR LEADERSHIP ON RETIREMENT SAVINGS

Monday, January 25, 2016 | Contact: Tara Downes (860.702.3308 | Tara.Downes@ct.gov)

Comptroller Kevin Lembo, surrounded by a room full of AARP volunteers at the organization’s Connecticut headquarters in Hartford today, received AARP’s Legislative Achievement Award in recognition of his leadership on retirement savings.

Lembo is co-chair of the Connecticut Retirement Security Board (CRSB), which is working on a plan to ensure that all Connecticut workers have access to a voluntary workplace-based retirement savings program. The goal is to improve financial security for all retirees.

The CRSB recently completed a report that concluded a public retirement program for private-sector employees under a range of market scenarios and plan designs is financially feasible.

"There is an entire generation of employees, many of them lifelong hard-working middle class people, who are headed to retirement financially unequipped, in part due to lack of access to a workplace-based retirement savings option,” Lembo said. "This is not only a problem for those individuals and families financially forced to delay retirement indefinitely, but for our entire state and economy.

"This AARP Legislative Achievement Award is a great honor – but this recognition belongs to so many, including AARP and its members, who are fighting for a work-and-save program for all.”

In notifying Lembo of the award, AARP State Director Nora Duncan said, "Today, a secure retirement is out of reach for thousands of state residents, especially those who work for small businesses. However, thanks to your leadership, Connecticut is preparing to make it easier for small businesses to create basic retirement savings options for employees so they can save while they work.”

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