Mayor de Blasio has thrown his support behind legislation to set up retirement accounts for private-sector workers whose employers don’t sponsor such savings plans. The Retirement Security for All program would deduct money from each paycheck and put it in an IRA administered by a mayor-appointed board. But given its underfunded pension obligations to its own employees, New York City should not set itself up as a money manager for the general public.
The Facts You Need to Know
Debt: New York City faces enormous long-term employee-retirement benefit obligations without sufficient reserves to pay them. Read more.
Options: The private sector offers numerous low-cost solutions for individuals who want to save for retirement. Read more.
ERISA: The city’s plan appears to conflict with federal law governing the administration of private-employee retirement accounts. Read more.
“New York City is, officially speaking, insolvent, with liabilities exceeding assets by almost $200 billion.”
The Past is Present
“Don’t believe the public-sector unions when they say that worker pensions are modest.”
Advanced Movie Preview: Miss Virginia
Friday, October 4, 2019 | 6:00pm | SVA Theatre
Join the Moving Picture Institute in NYC for an exclusive screening of their original film, Miss Virginia—based on the true story of a struggling single mother who launches a movement to save her son, and thousands like him, from the streets.
And in other news...
“Crossing the Hudson River between New Jersey and New York is set to become costlier after the bistate agency that controls bridges, tunnels and the PATH rail system raised tolls and fares.”