NYC Mayor Proposes Retirement Plan for Workers Without 401ks

Days after ending his long-shot campaign for the Democratic presidential nomination, New York Mayor Bill de Blasio signaled his intention to keep pressing for progressive policies by calling for a city law creating a government-sponsored retirement savings plan for workers whose companies don’t offer one.

The proposal, modeled after private 401k or IRA savings plans, is consistent with themes de Blasio raised during a short-lived presidential candidacy, when he focused on redressing income inequality with programs that would provide universal health care, universal pre-kindergarten, paid sick leave, a $15 minimum wage and required paid vacation. While New York would be ...