There are two bills in the legislative package that would create the system and the board and sponsored by Council Members I. Daneek Miller and Ben Kallos, who led a hearing on the proposal shortly after the Monday morning rally.
“You should not have to work until you die,” de Blasio said at the rally. “You should be able to enjoy the fruits of your labor. You should be able to have some time in your life when you retire with dignity.”
The mayor said that 40% of New Yorkers aged 50-64 have less than $10,000 saved for when they retire.
At the hearing of the Council’s Committee on Civil Service and Labor, chaired by Miller, there was broad support for the legislation as well as opposition from some who raised concerns about the administrative burdens the program could place on employers and small businesses.
Kallos’ bill would mandate that businesses with ten or more employees automatically enroll their workers in individual retirement accounts, while giving them the option to opt out. The retirement plans would be funded only through employee payroll deductions, at a default rate of 3% of income, though employees would be allowed to choose a higher or lower rate.