Statement from NYC Comptroller Scott M. Stringer on Senate’s Vote to Restrict States’ Ability to Expand Access to Retirement Savings Accounts
May 4, 2017
New York City Comptroller Scott M. Stringer released the following statement in response to the U.S. Senate’s passage of H.J. Res. 66, which overturns the U.S. Department of Labor’s rule enabling states to establish innovative retirement savings programs for private-sector workers. Earlier this year, Congress passed and the President signed into law legislation that overturned an additional U.S. Department of Labor rule that would have allowed cities like New York to enact retirement savings programs for private-sector workers. Combined, these actions will make it harder for either New York City or New York State to develop programs to help more New Yorkers retire with dignity.
“We’ve run the numbers, we’ve examined the challenges, and we’ve released a comprehensive plan to solve it. When we say we’re facing a retirement crisis, it’s not hyperbole. It’s reality. Once again, Republicans in Congress are voting to exacerbate that crisis.
“About 58 percent private-sector workers in New York City lack access to an employer-sponsored retirement plan, and today’s vote in the U.S. Senate will only make it harder for these working families to save. Instead of allowing all workers the opportunity to prepare for their golden years, the U.S. Senate has willfully made it more difficult. Make no mistake, this vote harms the 1.5 million New Yorkers – particularly lower-wage employees, people of color, and those who work at small companies – who don’t have access to retirement accounts at work. This is wrong.”
In October 2016, Comptroller Stringer released “The New York City Nest Egg: A Plan for Addressing Retirement Security in New York City” to help private-sector workers in New York City save for retirement.