AARP New York says it is hoping state lawmakers approve a workplace retirement-savings option for employees who currently have “no way” to save through their place of employment. The Secure Choice is part of Gov. Andrew Cuomo’s state-budget proposal. The program would be a public-private partnership between the state and a professional financial institution, AARP […]
AARP New York says it is hoping state lawmakers approve a workplace retirement-savings option for employees who currently have “no way” to save through their place of employment.
The Secure Choice is part of Gov. Andrew Cuomo’s state-budget proposal. The program would be a public-private partnership between the state and a professional financial institution, AARP said in a Feb. 12 posting on the organization’s website.
The proposal was also part of the budget discussion in 2017, but didn’t make the final approved spending plan.
AARP has been urging state leaders for three years to enact Secure Choice. The proposal would create a savings option for private-sector employees whose employer doesn’t offer one, Beth Finkel, state director of AARP New York, said in a Jan. 16 statement following Cuomo’s state-budget address.
“Millions of middle class, working New Yorkers will have an effective way to save for retirement at work,” said Finkel.
More than 3.5 million private-sector employees in New York work for a company that offers no pension, no 401(k) plan, no retirement-savings option — “in short, no way for them to build their own financial security,” AARP says.
That’s more than half the workforce, including 67 percent of Hispanics, 60 percent of Asian Americans, and 52 percent of African Americans, according to Finkel.
The proposal is “voluntary” for businesses and employees.
“AARP applauds the Governor for his leadership in taking decisive action to address New Yorkers’ lack of retirement savings, which he has declared is part of a growing national crisis,” said Finkel.
AARP expects many companies would offer the option; nearly three-quarters of small businesses that don’t offer their own plan say they probably would if the state sets one up.
The figure is part of the “2017 AARP Survey of Business Owners: New York Non-Workplace Savings Plan,” whose findings AARP released in December.
It indicated that “almost three-fourths (74 percent) of these business owners support legislation that would establish an easy to use, no hassle, low cost, privately managed New York State retirement savings option.”
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AARP New York says it is hoping state lawmakers approve a workplace retirement-savings option for employees who currently have “no way” to save through their place of employment.
The Secure Choice is part of Gov. Andrew Cuomo’s state-budget proposal. The program would be a public-private partnership between the state and a professional financial institution, AARP said in a Feb. 12 posting on the organization’s website.
The proposal was also part of the budget discussion in 2017, but didn’t make the final approved spending plan.
AARP has been urging state leaders for three years to enact Secure Choice. The proposal would create a savings option for private-sector employees whose employer doesn’t offer one, Beth Finkel, state director of AARP New York, said in a Jan. 16 statement following Cuomo’s state-budget address.
“Millions of middle class, working New Yorkers will have an effective way to save for retirement at work,” said Finkel.
More than 3.5 million private-sector employees in New York work for a company that offers no pension, no 401(k) plan, no retirement-savings option — “in short, no way for them to build their own financial security,” AARP says.
That’s more than half the workforce, including 67 percent of Hispanics, 60 percent of Asian Americans, and 52 percent of African Americans, according to Finkel.
The proposal is “voluntary” for businesses and employees.
“AARP applauds the Governor for his leadership in taking decisive action to address New Yorkers’ lack of retirement savings, which he has declared is part of a growing national crisis,” said Finkel.
AARP expects many companies would offer the option; nearly three-quarters of small businesses that don’t offer their own plan say they probably would if the state sets one up.
The figure is part of the “2017 AARP Survey of Business Owners: New York Non-Workplace Savings Plan,” whose findings AARP released in December.
It indicated that “almost three-fourths (74 percent) of these business owners support legislation that would establish an easy to use, no hassle, low cost, privately managed New York State retirement savings option.”
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AARP New York says it is hoping state lawmakers approve a workplace retirement-savings option for employees who currently have “no way” to save through their place of employment. The Secure Choice is part of Gov. Andrew Cuomo’s state-budget proposal. The program would be a public-private partnership between the state and a professional financial institution, AARP […]
AARP New York says it is hoping state lawmakers approve a workplace retirement-savings option for employees who currently have “no way” to save through their place of employment.
The Secure Choice is part of Gov. Andrew Cuomo’s state-budget proposal. The program would be a public-private partnership between the state and a professional financial institution, AARP said in a Feb. 12 posting on the organization’s website.
The proposal was also part of the budget discussion in 2017, but didn’t make the final approved spending plan.
AARP has been urging state leaders for three years to enact Secure Choice. The proposal would create a savings option for private-sector employees whose employer doesn’t offer one, Beth Finkel, state director of AARP New York, said in a Jan. 16 statement following Cuomo’s state-budget address.
“Millions of middle class, working New Yorkers will have an effective way to save for retirement at work,” said Finkel.
More than 3.5 million private-sector employees in New York work for a company that offers no pension, no 401(k) plan, no retirement-savings option — “in short, no way for them to build their own financial security,” AARP says.
That’s more than half the workforce, including 67 percent of Hispanics, 60 percent of Asian Americans, and 52 percent of African Americans, according to Finkel.
The proposal is “voluntary” for businesses and employees.
“AARP applauds the Governor for his leadership in taking decisive action to address New Yorkers’ lack of retirement savings, which he has declared is part of a growing national crisis,” said Finkel.
AARP expects many companies would offer the option; nearly three-quarters of small businesses that don’t offer their own plan say they probably would if the state sets one up.
The figure is part of the “2017 AARP Survey of Business Owners: New York Non-Workplace Savings Plan,” whose findings AARP released in December.
It indicated that “almost three-fourths (74 percent) of these business owners support legislation that would establish an easy to use, no hassle, low cost, privately managed New York State retirement savings option.”
