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New York Attorney General James Announces $97 Million In Restitution For TIAA Customers Misled Into Investing In Higher-Fee Accounts - TIAA Relied On Reputation As A Trusted Partner And Objective Financial Advisor To Pressure Clients Into Paying Hundreds Of Millions In Fees - Victims Of Fraud Included Teachers, Public Sector Employees, Medical Professionals, And Others
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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.
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