Monday, April 2, 2018

NY Budget Includes Retirement Saving Access for More Citizens

New York Gov. Andrew Cuomo and State Legislators recently Approved a Final State Budget that included the Secure Choice Savings Program, which will help more New Yorkers save for their future.

Every day, 3.5 Million New Yorkers go to work without access to a 401(k) or any other way to Save on the Job. The Secure Choice Savings Program will help bridge that gap.

Secure Choice will provide Workers with an easy way to Save for Tomorrow through Automatic Payroll Deduction, and provide Small Businesses who don't currently offer a Retirement Plan with a New Tool to help their Employees Save.

With the Secure Choice Savings Program, Employers will not be responsible for Creating and Sponsoring their own Retirement Plans.
Participation is Voluntary for Businesses and Employees.

Purpose or General Idea of The Secure Choice Savings Program:

The purpose of this is Bill to Create a Self-Sufficient Retirement Savings Program in the form of an Automatic Enrollment Payroll
Deduction State IRA, and establish an Administrative Board responsible for Promoting greater Retirement Savings for Private Sector Employees in a Convenient, Low-Cost, and Transferable Manner.

States such as Connecticut, Illinois, Maryland, Oregon, and Vermont have Started or are about to Start similar Statewide programs.

The Plan would enable Businesses to provide Workers with access to Roth Individual Retirement Accounts overseen by the State. An estimated 3.5 million Private Sector Employees in New York work for Employers that do not offer a Pension, a 401(k) Plan, or another Savings Option, according to AARP, which has lobbied in support of the Plans.

The New York Legislation calls for the Plan to be developed in roughly Two years, though it could be Delayed by as much as an additional year.

NYC Wins When Everyone Can Vote! Michael H. Drucker
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