(Long Island, NY) Assemblyman Michael Montesano (R,C,I-Glen Head) is co-sponsoring bi-partisan legislation (A8332-A) that will help create a retirement savings program for employees of the private sector.
The program, entitled the New York State Secure Choice Savings Program Act, would create a self-sufficient retirement savings program which would allow smaller establishment employees to be eligible for retirement saving options through an automatic payroll deduction.
“More often than not, employees of small businesses are not offered any sort of retirement plan,” said Montesano. “Over half of Americans don’t have enough money saved post retirement to produce any sort of income stream. The future is a scary proposition for many, and this legislation will help ease those concerns.”
Studies show that almost 34 percent of those nearing retirement are at risk of living in poverty. This program will promote a convenient, low-cost, and transferable account for private sector employees in need of help.
