PA James, CM Kallos Condemn House Move to Block Municipal-Based Retirement Savings

02/09/2017

Resolutions would Repeal DOL Rules; Leave Millions without Retirement Savings Plans

NEW YORK -- Today, Public Advocate Letitia James and Council Member Ben Kallos released the following joint statement in response to House resolutions H.J. Res 66 and H.J Res 67 to block state- and municipal-based retirement savings plans.

“Our government was created to protect and advance hardworking Americans, not champion policies that hinder our ability to succeed. The new resolutions introduced in the House to prevent cities and states from creating retirement savings plans for individuals are ill-conceived and seem to favor the financial services industry over everyday Americans. Millions of Americans do not have access to these critical tools for their future and, in New York City, more than half of our workers are projected to be in or near poverty when they retire, as a result. By blocking municipalities from creating this safety net, our federal government is hurting working Americans and working New Yorkers. Congress should be supporting these efforts, not tearing them down.”

Public Advocate James and Council Member Ben Kallos have been leaders in creating a New York City-wide retirement savings plan. In February 2015, they co-sponsored legislation to study the creation of a retirement security plan for New York City private sector workers. In June 2015, Public Advocate James released a report documenting the precarious state of retirement savings for New Yorkers. In February 2016, Public Advocate James and Council Member Kallos joined Mayor Bill de Blasio to announce a plan for New York to become the first city in the country to create a retirement savings program for private sector employees.