• The Senate has till mid-May to agree with the House and kill the exemption that Obama’s Labor Secretary Tom Perez announced that enabled states to have their own pension programs for workers who do not have access to one. The House and Senate have already killed the exemption for cities.
  • “Without bold action on retirement security, more than half of working New Yorkers will be forced to retire on a food budget of $5 a day.” — Letitia James, Public Advocate
  • About half of private sector workers in the United States—especially those who are low-income or employed by small firms—lack coverage from a workplace retirement savings program primarily because they do not have access.” — United States Government Accountability Office, “Retirement Security,” September 2015.
  • “As for state efforts to set up retirement plans, 71 percent agree this is a good idea with three-fourths indicating they would consider participation.” — Diane Oakley and Kelly Kenneally, “Retirement Security 2015: Roadmap for Policy Makers,” March 2015.
  • “Statewide in New York, one-fourth (26%) of 50+ voters in the labor force do not have any option to save for retirement through their employer. Another 22 percent have only defined contribution plans available, such as a 401k, where employers pay a specified amount into the plan but there is no assurance on the final payout to the retiree.” – AARP, “State of the 50+ in New York State,” September 2014.
  • “Access to a secure retirement is an important social justice issue and, currently, too many New Yorkers do not have an affordable vehicle to put aside resources for the future.” — Congresswoman Nydia M. Velázquez

  • “This retirement crisis is especially acute for women. Too often, it is women who struggle the most with financial hardship in retirement.  In fact, among women age 65 and older, the poverty rate is nearly double that of men in the same age group.” – Senator Patty Murray, “Senator Murray Report on Women and the Retirement Age Gap,” January 26, 2015.
  • Private sector workers are being asked to assume increasing responsibility for self-funding retirement. Yet, in New York City, approximately three out of every five private sector workers has no access to an employer-based retirement savings plan, which diminishes the likelihood of accumulating adequate retirement savings. – Scott Stringer, New York City Comptroller