Voluntary Workplace Retirement Savings Option Could Help Millions, Especially Communities of Color; AARP Urges Lawmakers to Include in Final Budget
ALBANY, N.Y. – AARP New York State Director Beth Finkel issued the following statement in reaction to Governor Andrew Cuomo’s 2018-19 State Budget Proposal:
“Millions of middle class, working New Yorkers will have an effective way to save for retirement at work thanks to Governor Cuomo’s state budget proposal to create a savings option for private sector employees whose employer doesn’t offer one
More than 3.5 million private sector employees in New York work for a company that offers no pension, no 401(k), no retirement savings option – in short, no way for them to build their own financial security. That’s over half the workforce – including 67% of Hispanics, 60% of Asian Americans and 52% of African Americans.
The Governor’s proposal is voluntary for businesses and employees.
AARP applauds the Governor for his leadership in taking decisive action to address New Yorkers’ lack of retirement savings, which he has declared is part of a growing national crisis.
We hope many businesses choose to offer this great benefit to their workers to give them the chance to build their own financial security. We expect many companies will; three quarters of small businesses that don’t offer their own plan say they probably would if the state sets one up.
We urge the Legislature to make sure this common sense proposal remains in the final budget.”