Nearly 2 million New Yorkers would be automatically enrolled in a retirement savings plan under a new proposal before the City Council.
As WCBS 880’s Rich Lamb reports, about 1.5 million private sector employees do not have access to a retirement savings program through their workplace.
The Universal Retirement Security bill, which has the support of Mayor Bill de Blasio would change that.
“Over a million New Yorkers work their whole lives and have nothing to show for it,” Mayor de Blasio said in a statement. “Rather than work until the day they die, Universal Retirement Security will allow more New Yorkers to breathe a sigh of relief later in life and truly enjoy the years they’ve earned.”
Co-sponsor of the legislation, Councilman Ben Kallos, explained that companies would not contribute to the Universal Retirement Savings Program and stressed that it would cost employers nothing.