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Help New Yorkers save


Help New Yorkers save
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As workers across America well know, employer-funded pension plans are increasingly becoming relics of the past, with defined benefit programs giving way to 401(k)s if the employer offers a retirement program of any kind. According to the Federal Reserve, more than 1 in 4 working Americans lacks any kind of savings for retirement.
New York has long talked about a state-run program that private sector workers can participate in, and such a plan may finally be on its way this year. The Assembly approved the Secure Choice Act, sponsored by Assembly member Robert Rodriguez and Sen. Diane Savino, both New York City Democrats, which would establish a savings program into which workers at firms of 10 or more employees with no plans of their own would automatically be enrolled unless they opt out. Participants would contribute at least 3 percent of their pay to the plan, which would be portable from one job to the next. ....

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