New Yorkers may have a new way to save for retirement

[gamewell45]

Being that many companies have eliminated defined pension plans for their employees, thus leaving financial retirement plans in the hands of the employee, New York may have a plan that encourages workers to save for retirement. It's called "The Secure Choice".

https://www.poughkeepsiejournal.com/story/news/politics/albany/2018/03/02/new-yorkers-may-have-new-way-save-retirement/389567002/

One of the nice things about this plan is that it is transportable, so you can carry it from one employer to the next. A majority of New Yorkers are in favor of this plan; it would make the transition to retirement years much more smoothly and less stress for workers who are at the end of their working career. I hope this bill passes both houses and is signed into law.

[Peter1469]

This is a good way to have state employees plan for retirement. Much better than state pensions (which are almost all underfunded).

It is essentially the same as the federal thrift savings plan.

[DGUtley]

It is a good idea though we should reform SS for the younger generations and allow a portion of that money to be theirs legally.

[Common]

Actuaries did a in depth study in the 80s of public pensions and determined that they are not underfunded they are all MISMANAGED. Everyone is under the misconception that public pensions are "govt" run pensions, thats only true to a small degree. NY NJ for two have "private" money managers that run the pensions, they invest and manage every aspect of it and they ROB THE PENSIONS BLIND. These managers are political donors and cronies and makes HUGE amounts of money and they are never brought to task when they lose millions.

Public Pensions are up to 20% of an employees gross salary half paid by the employee half by the state or locality. The actuaries dedueced that given that very large amount of money of 30 yrs publc pensioners would have far larger pensions for the same investments if they were in a secured private pension system without the cronyism