New York Mayor Floats Auto-IRA for Workers
October 2, 2019 by Elizabeth Festa
New York officials are championing auto-IRA legislation that would address what they say is a gaping hole in retirement savings for private-sector workers in New York City.
However, the federal government is showing signs it could challenge these jurisdictional plans under the Employee Retirement Income Security Act.
Retirement Security for All, as the initiative is called, is part of Mayor Bill de Blasio’s push for workers’ protection and benefits.
The mayoral-led initiative builds upon efforts in previous years through bills that would empower a new retirement savings board to offer individual retirement accounts for New York City businesses with 10 or more employees.