Establishing a retirement savings board to oversee the city’s retirement savings program for private-sector employees.

A Local Law to amend the administrative code of the city of New York, in relation to establishing a retirement savings board to oversee the city’s retirement savings program for private-sector employees

This bill would establish a retirement savings board to facilitate the implementation of an individual retirement account (IRA) program for private-sector workers at businesses with 10 or more employees located in New York City that do not already offer retirement savings plans. The board would consist of three members, who are appointed by the Mayor. The powers of the board include directing the investment of funds contributed to the IRAs, entering into contracts with financial institutions and administrators, minimizing fees and costs associated with the administration of the program, and conducting education and outreach to employers and employees. The board would be required to submit to the Mayor, the Speaker of the Council, the Comptroller and the Public Advocate an annual report of its activities and actions.