Assembly Resolution No. 1405
BY: M. of A. Cruz
RECOGNIZING October as National Retirement
Security Month
WHEREAS, Retirement financial literacy ensures that individuals are
prepared to plan for long-term financial security, manage retirement
savings, and generate sustainable lifetime income; it also helps them
become responsible workers, heads of households, investors,
entrepreneurs, business leaders, and citizens; and
WHEREAS, The State of New York has established one of the strongest
retirement systems in the United States; this system includes an
exceptional Defined Benefit Plan, which provides guaranteed lifetime
income for State employees, well-designed optional retirement plans
(Defined Contribution), adequate contributions, access to low-cost
in-plan annuities to provide guaranteed income in retirement, and the
innovative Secure Choice Savings Program that expands retirement access
to previously underserved workers whose employers do not offer
retirement plans; and
WHEREAS, Despite these outstanding retirement plan structures, many
New Yorkers lack sufficient understanding of the way these State plans
work, the critical importance of adequate savings rates, and the need
for lifetime income for retirement planning; and
WHEREAS, Ensuring retirement security is critical, as individuals
face longer life expectancies and must plan for financial security over
several decades of retirement; and
WHEREAS, Increased retirement literacy, particularly regarding
lifetime income and retirement planning strategies, empowers individuals
to make informed long-term decisions and reduces the confusion caused by
the increasingly complex economy; and
WHEREAS, A recent study, titled "The Common Thread," performed by
the non-profit organization, TIAA Institute, revealed that New York
State's Defined Benefit Plan and Defined Contribution Plan are
adequately funded, providing a means to guaranteed lifetime income and
allowing New Yorkers to retire with dignity; despite the retirement
options provided by New York State, employees would benefit from
additional financial education and advice from qualified financial
experts; and
WHEREAS, Such guidance provides New Yorkers with greater confidence
in their financial plan and comfortable retirement; now, therefore, be
it
RESOLVED, That this Legislative Body pause in its deliberations to
recognize October as National Retirement Security Month, emphasizing
retirement planning education and lifetime income literacy; and be it
further
RESOLVED, That this Legislative Body recognize the importance of
educating New Yorkers about New York State's exceptional Defined Benefit
Plan, optional retirement plan (Defined Contribution), and Secure Choice
Savings Program (Roth IRA) and encourage workers to seek guidance from
qualified plan financial advisors to ensure all workers can maximize
these outstanding benefits and retire with financial security.
