New York City mayor wants city retirement system for private employees

[Judi Lynn]

Source: Reuters

Thu Feb 4, 2016 5:08pm EST

New York City mayor wants city retirement system for private employees

NEW YORK | By Edward Krudy

New York City's mayor Bill de Blasio will call for a city-run retirement system for private sector employees in his annual keynote address on Thursday.

De Blasio, a Democrat, will reveal that he wants the city to become the first in the country to offer a retirement system to private employees. While better paid jobs offer individual savings plans, they are not always on offer to lower income workers.

U.S. towns, cities, and states offer retirement plans for public workers that offer a defined level of benefits. New York City manages about $160 billion in its public pension funds for teachers, police, firefighters and other city workers.

Some states have already started looking at introducing plans for private sector workers, leveraging the extensive infrastructure, know-how, and cost benefits they have acquired in running plans for public employees.

Read more: https://news.yahoo.com/york-city-mayor-wants-city-retirement-system-private-220814707--business.html

[PoliticAverse]

1. Will those states be underfunding the plans, using amounts invested in the plans to cover current

budgetary expenditures?

[mac2766]

2. I think a publicly funded retirement program is a great idea.

You know. Maybe we'll call it Social Security.

I think Bill de Blasio has a great idea, but maybe we should think about expanding Social Security so that the entire country might see the benefit of a socially funded retirement plan.

Just an idea.