Mr. President, today I wish to express my disappointment in today's vote on
Among all working families in America ages 32 to 61, the median family in America had only
The good news is that, when a person has access to a retirement savings program through their workplace, they are 15 times more likely to save for retirement.
Those who need access to a workplace retirement program the most, individuals with lower incomes, are far less likely to have that access. These are the people who stand to gain the most from the Secure Choice program and lose the most by
Let me share some examples of the people who would be impacted. Most eligible employees work for small businesses that might not be able to offer retirement savings plans on their own, and nearly half of eligible workers work in the retail, hospitality, healthcare, and manufacturing industries.
This program supports lower- and middle-class workers by providing access to the tools they need to control their financial future. The average wage of workers eligible for this program is
We are facing a time of deep income inequality and must stand up for programs that support the middle class, like Secure Choice. Nationwide, the bottom 90 percent of households have seen their income drop compared to what it was in 1970. Meanwhile, the top 1 percent has seen their household income triple.
As workers struggle to make ends meet, it is appalling to me that
Californians want to ensure that all employees have access to a retirement savings program.
This rule would also help small businesses compete for qualified workers who expect and deserve access to a workplace retirement savings program. Small Business California supports the
In fact, the legislation that passed in
Nationally, almost half of working-age households do not have retirement savings accounts, and 55 million people don't have access to a workplace retirement plan. This is shocking.
According to the
Supporting retirement savings is not a partisan issue. In fact a bipartisan group of State treasurers oppose this resolution, as does the
We are facing a retirement savings crisis in our country, and the
While today's vote is a disappointing development for city programs, I will keep fighting to support