Could retirement accounts lift workers in New York? nystateofpolitics.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nystateofpolitics.com Daily Mail and Mail on Sunday newspapers.
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A bill passed by both the state Senate and Assembly would create a mandated savings plan for private sector employees throughout New York. Legislation creating the Secure Choice Program goes back three years, and supporters are now lobbying for Gov. Andrew Cuomo to put his signature on an amendment that would give workers at small businesses with at least 10 employees the chance to put their money into a Secure Choice IRA. Employees also would be able to opt-out under the current legislation, which has support from Senate Majority Leader Andrea Stewart-Cousins and Assembly Speaker Carl Heastie.
City & State caught up with Beth Finkel, New York State director for the AARP, which has been among the groups hoping to see the bill signed into law. Finkel in a Q&A interview discusses why her group representing the interests of aging New Yorkers is backing the legislation, its origins and how the latest amendmendment impacts the small businesses.
PUBLISHED 5:46 AM ET May. 25, 2021 PUBLISHED 5:46 AM EDT May. 25, 2021
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More than a dozen consumer, civil rights, and business groups on Monday urged state lawmakers to give final approval to a bill that s designed to aid the state s savings program for private-sector workers by creating a system of automatic enrollment.
The measure, backed by AARP New York and 15 other groups, would address New York s Secure Choice Savings Program, and require private companies with at least 10 workers who do not already provide their workers with a retirement option to offer them a portable, payroll-deduction IRA and enroll workers automatically unless they choose to opt out.
New York State Aims For Auto-Enroll Secure Choice Savings Program planadviser.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from planadviser.com Daily Mail and Mail on Sunday newspapers.
Assembly bill makes enrollment in new worker retirement program automatic
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Kate Bridges, AARP s senior research advisor speaks at the Glen Sanders Mansion in Scotia about retirement issues back in 2015. AARP is putting its support behind an Assembly bill that would amend the state s Secure Choice Savings Program to make enrollment automatic unless and employee opts out. (Skip Dickstein/Times Union)SKIP DICKSTEIN
ALBANY The AARP is putting its support behind a recently passed Assembly bill that would increase the number of private sector employees who participate in the state s new Secure Choice Savings Program.
The program, which has yet to be implemented, offers employees at companies with 10 employees or more that don t offer retirement benefits a way to save for retirement through an IRA through payroll deduction. The new Assembly bill would require that enrollment would be automatic unless an employee opts out.