Friends,
For too long, New Yorkers have been woefully unprepared for the future.
More than half of workers in New York City are projected to be near poverty or in poverty once they retire.
That's why I have
been working throughout my term to create a solution to our City's retirement crisis. And [recently], I joined
Mayor Bill de Blasio, Comptroller Scott Stringer, and Council Speaker
Melissa Mark-Viverito to announce groundbreaking legislation to create
a citywide retirement savings program.
The program is simple: it will require businesses to establish a retirement
account for all employees to contribute to. It's at no cost to the
business, and no cost to the City. It's a huge benefit to the employees,
who will be given the opportunity to save for their future.
Right now, 40 percent of New Yorkers have less than $10,000 saved for
retirement. Yet to simply live at the poverty level for 15 years in retirement,
you need $215,000 in savings. And even New Yorkers who want to save, don't
have the resources --
over half of New Yorkers don't have access to a retirement plan.
Every New Yorker deserves to live their golden years in dignity, and I
am working hard to make that a reality.
Sincerely,
Letitia James
New York City Public Advocate