Mayor Bill de Blasio officially dropped his bid for the White House last week, but on Monday he rallied for legislation that could have been plucked from his campaign and discussed plans to continue crisscrossing the country to promote progressive causes.
The bill would create a system that automatically enrolls workers at companies with 10 or more employees into individual retirement accounts. A mayoral board would oversee the program and hire a private financial management firm to handle the pre-tax money withheld from workers' paychecks. Neither employers nor the city would have to chip into the fund, and firms that already offer a retirement program would be exempt. Employees who are put into the program can choose to opt out or change their contribution rate, which would automatically start at 3 percent.