Statement from NYC Comptroller Scott M. Stringer on the US House Vote to Roll Back DOL’s Rule Allowing Cities to Establish Retirement Savings Accounts
February 15, 2017
New York City Comptroller Scott M. Stringer released the following statement on the U.S. House vote to overturn the U.S. Department of Labor’s rule “Savings Arrangements Established by States for Non-Governmental Employees.” That rule allows cities like New York to establish retirement savings accounts for those without access to qualified retirement plans, like 401(k)s and IRAs:
“What the Republican House did today undermines economic security for tens of millions of Americans. We have a serious retirement security crisis in this country, and the GOP is now actively exacerbating that crisis with this roll-back. We developed the NYC Nest Egg to help 1.5 million private-sector New York City workers save for their golden years, because retirement planning is commonsense. This vote is devoid of it. It’s a paper-thin attempt to turn back the clock on progress. It’s wrong for New York, and it’s wrong for America.”
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 New Yorkers save for retirement.