US. New York Envisions a State-Run Retirement Plan for Private Workers
New York is close to joining a growing list of states that are creating a retirement plan option for private sector employees who do not have access to 401(k)-like programs at work.
The New York program was included in Friday’s budget deal, which Gov. Andrew M. Cuomo is expected to sign. The plan would enable businesses to provide workers with access to Roth individual retirement accounts overseen by the state. An estimated 3.5 million private sector employees in New York work for employers that do not offer a pension, a 401(k) plan or another savings option, according to AARP, which has lobbied in support of the plans.
Read More: New York Times
