To the editor:
More than half of New Yorkers who work in the private sector have no way to save for retirement at work – including 50.2 percent right here in the 127th State Assembly District. I want to thank my assembly member, Al Stirpe, for co-sponsoring a bill to help change that.
The Secure Choice Retirement Savings Act would establish a state-facilitated retirement savings program that would be voluntary for employers but would allow companies to offer their employees a savings option if they don’t already. It’s voluntary for employees too and requires no contributions from the company or the state.
The idea is similar to the 529 college savings plan, and AARP supports it because it’s a win-win-win: employers could offer a valuable benefit; employees are 15 times likelier to save if they can do so on the job; and taxpayers would have less need to fund services for people who lack sufficient retirement savings.
With over 100 sponsors of the bill in the State Assembly — both Democrats and Republicans — it’s reassuring to know that in such a polarizing political atmosphere nationally smart solutions still can win bi-partisan support in New York.
Robert O’Connor
Fayetteville
AARP Legislative Coordinator in Onondaga County
