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NYC Public Advocate Pushes Private Sector Plan

It’s no longer just states that are looking at the notion of expanding private sector retirement plan coverage.

New York City Public Advocate Letitia James on Feb. 26 introduced legislation creating a commission of experts to study the establishment of a pension fund for private sector workers in New York City.

The 11-member advisory board would have a year to present a report to the mayor and other elected officials about the feasibility of a centrally pooled retirement fund, and to provide recommendations on how such a fund would be structured and managed.

The Wall Street Journal notes that under the bill, the mayor would appoint three of the board’s 11 members, while James, Council Speaker Melissa Mark-Viverito, City Comptroller Scott Stringer and each of the five borough presidents would each get one appointment.

At least one of the appointees would have expertise in demographics, one in municipal finance, one in organized labor and one in retiree savings, according to the bill.

James, a Brooklyn Democrat who is first in line to succeed the mayor, doesn’t have a vote on the council but has the power to introduce and co-sponsor bills, according to the Journal article.

The next day, New York City Comptroller Scott Stringer identified the members who would serve on the retirement security study group, according to Pensions & Investments. All are professors of economics, finance, or management sciences, and three are leaders in research institutions as well.