City Comptroller Scott Stringer Wants Companies to Offer Retirement Plans
New York City Comptroller Scott Stringer wants to force employers to offer their workers a retirement plan, a move that could provide more savings options for 1.5 million people.
Tens of millions of Americans work for companies that don't provide traditional pensions, 401(k)s or access to individual retirement accounts. At least 1.5 million of these workers are in the nation’s largest city, according to research by the New School’s Schwartz Center for Economic Policy Analysis conducted for Mr. Stringer’s office.
New York City businesses could meet the proposed requirement by offering IRAs, choosing from a government-curated “marketplace” of 401(k) plans or joining a government-sponsored group 401(k) plan designed to protect employers from the liability associated with investing workers’ money, according to a copy of the comptroller’s plan reviewed by The Wall Street Journal. The proposal follows a plan Mayor Bill de Blasio announced in February that would force employers to offer IRAs...