NYC Official Drafts First City-Run Private Pension Plan

A proposal for the first portable pension plan for private sector workers to be offered by a U.S. city under proposed federal rules was unveiled Oct. 7 by New York City Comptroller Scott Stringer (D).

The New York City Nest Egg plan, designed with the help of an expert panel, would resemble a 401(k) or individual retirement account offering and lift obstacles to participation by small employers, Stringer said. It’s the first formally drafted plan to take advantage of changes in federal law allowing unaffiliated multiple employers to join a single, publicly sponsored retirement savings scheme, he said. ...