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The Comptroller’s Office released “The New York City Nest Egg: A Plan for Addressing Retirement Security in New York City” last year.
By Michael V. Cusenza
City Comptroller Scott Stringer recently ripped House of Representatives Republicans for voting to overturn the U.S. Department of Labor’s rule “Savings Arrangements Established by States for Non-Governmental Employees,” which allows cities like New York to establish retirement savings accounts for those without access to qualified retirement plans, like 401(k)s and IRAs.
“What the Republican House did…undermines economic security for tens of millions of Americans,” Stringer said. “We have a serious retirement security crisis in this country, and the GOP is now actively exacerbating that crisis with this roll-back. We developed the NYC Nest Egg to help 1.5 million private-sector New York City workers save for their golden years, because retirement planning is commonsense. This vote is devoid of it. It’s a paper-thin attempt to turn back the clock on progress. It’s wrong for New York, and it’s wrong for America.”
Established earlier this year, the new Department of Labor regulation ensures that cities can create retirement savings programs without liability or burdensome requirements.
Mayor Bill de Blasio last February led a rally featuring Stringer and City Council Speaker Melissa Mark-Viverito and a coalition of business, labor, and other leaders to support NYC’s push to become the first City in the country to create a retirement savings program for private-sector employees.
“All New Yorkers should have access to resources that will help them better plan for their future and provide peace of mind,” said Mark-Viverito.
And last October, Stringer released “The NYC Nest Egg: A Plan for Addressing Retirement Security in New York City,” with the goal of ensuring that every resident would have access to a workplace retirement savings plan without creating liability for taxpayers.
