Attorney General James Statement On New York City's Retirement Security For All Plan

Attorney General James Statement on
New York City’s Retirement Security for All Plan

NEW YORK – New York Attorney General Letitia James today released the following statement in support of the proposal to enable New Yorkers in the private sector to automatically enroll in an employee-funded retirement plan:

“The looming retirement security crisis for middle-class and low-wage workers demands immediate and decisive action, but time and again Washington has failed to step up. In New York City, where a staggering 60 percent of private-sector workers today are without access to any form of a retirement plan, we simply cannot afford to wait any longer. I applaud Mayor de Blasio, as well as Council Members Miller and Kallos, for moving forward with a plan that would make New York City a national leader in the quest for Universal Retirement Security. As an original sponsor of this vitally important legislation, I wholeheartedly support this effort and urge the swift passage of these bills into law.”

In 2015, then-Public Advocate Letitia James led the charge for Universal Retirement Security, introducing legislation to create a Board to issue recommendations for the creation of a private sector retirement security plan. In 2017, she authored, along with Council Member Ben Kallos, the bills currently under consideration, which would cover all employers with more than ten employees that did not already offer a retirement plan. At no cost to the employer, private sector employees would be automatically enrolled, with an option to decline, in a payroll deduction pre-tax retirement savings plan administered by the City.