Pensions for All to Help New Yorkers Save for Retirement Introduced by Public Advocate James and Council Member Kallos
President Trump Called Upon to Veto Congressional Resolution That Would
Block States from Providing Retirement Accounts to Residents
New York City – Following the passage of House Joint Resolutions 66 and 67 by Rep. Walberg (R-MI) and Rep. Rooney (R-FL) on March 30, 2017, to roll back regulations permitting States and Municipa
“The federal government is failing our seniors when it comes to retirement security. Saving Access New York would ensure that all New Yorkers have the ability to save for retirement, but President Trump must veto the dangerous legislation put forth by Congress that restricts state governments from creating programs to protect seniors. The administration must allow New York, and other states, to put protections in place for hardworking Americans to live their golden years in comfort.” said Public Advocate Letitia James.
“Americans should be able to take personal responsibility and save for retirement, something the City of New York wants to make easier for millions of New Yorkers by giving them access to retirement accounts,” said Council Member Ben Kallos who is an Employee Retirement Income Security Act (ERISA) Attorney. “President Trump must not sign this resolution that would overturn a good regulation that was reducing big government, protecting states' rights and allowing retirement accounts for millions of Americans.”
In New York City, two-thirds of workers, more than 2 million people in 2009, did not participate in employer-sponsored retirement plans, largely because their employer didn’t offer one, according to a 2011 report by Comptroller John Liu. More than one-third of households lead by a member who will become a senior citizen in the next decade will either be unable to retire or have to live on entirely or primarily on Social Security Income, according to the same report. The National Institute on Retirement Security predicts a United States retirement saving deficit of as much as $14 trillion.
The legislation authored by Public Advocate Letitia James and introduced with Council Member Ben Kallos on April 25 consists of two bills to establish a board and a plan. The Board would be established to administer the plan, engage in rulemaking, auditing, and reporting, along with public education and community outreach forums. The plan would cover all employers with more than ten employees that did not already offer a retirement plan. At no cost to the employer, private sector employees would be automatically enrolled, with an option to decline, in a payroll deduction pre-tax retirement savings plan administered by the City.
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| A Local Law to amend the administrative code of the city of New York, in relation to establishing a retirement savings program for private-sector employees. |
A Local Law to amend the administrative code of the city of New York, in relation to establishing a retirement savings board to oversee the city's retirement savings program for private-sector employees.