Statement from NYC Comptroller Scott M. Stringer on the U.S. Senate Vote to Roll Back the DOL’s Rule Allowing Cities to Expand Access to Retirement Savings Accounts
March 30, 2017
Today, the U.S. Senate voted to overturn the U.S. Department of Labor’s rule “Savings Arrangements Established by State Political Subdivisions for Non-Governmental Employees.” That rule allows cities like New York to expand access to retirement savings plans to private-sector workers. New York City Comptroller Scott M. Stringer released the following statement:
“Republicans in the Senate just voted to make it harder for Americans to save for retirement. This vote was an active, willful attempt to undermine the economic security of Americans, made possible by the elected officials who are supposed to represent their interests.
“Every New Yorker and every American should be able to save for a lifetime. But instead of lifting them up, Republicans in the Senate have sold out hardworking families who want to have secure retirements. This vote hurts the 1.5 million New Yorkers — over 58% of private sector workers — who don’t have access to retirement accounts at work.
“If the GOP wants to foment economic insecurity across America, then that goal is closer to being achieved today. This vote is 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.