August 29, 2016
By Mayor Bill deBlasio
New York, NY – “In February, we announced our plan to create a retirement savings program for private sector employees. Today, the United States Department of Labor’s proposed regulation expands the “safe harbor” to certain cities, which is an important preliminary step.
We will continue to engage with the DOL, as we have in recent months, to ensure that the requirements set forth in the final regulation enable the City to move forward with a workable retirement savings program that promotes the success of families and in turn, the success of our city. Just 43% of working New Yorkers have access to a retirement savings plan, with low-income, immigrant, minority and female New Yorkers disproportionately affected.
Successful implementation of the City’s plan will help right this wrong and set people up on a path to succeed long after they’ve stopped working.”