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Retirement Readiness in New York City: Trends in Plan Sponsorship, Participation, and Income Security

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Abstract

This report, conducted at the request of New York City Comptroller Scott Stringer, reveals a 17% drop (from 49% to 41%) between 2001 and 2011 in the percentage of New York City workers participating in a retirement plan at work. Only 12% of New Yorkers had a defined benefit (DB) plan. The DB plan guarantees a pension, whereas defined contribution (DC) plans such as 401(k)s and IRAs do not. As a result, those with DB plans maintained an average income replacement rate of 90% versus those with DC plans who had an average replacement rate of 48%. The consequences of declining employer-sponsored plans and low replacement rates threaten workers' standard of living in retirement and could increase poverty levels among the city's older residents.

Suggested Citation

  • Teresa Ghilarducci & Joelle Saad-Lessler & Kate Bahn, 2014. "Retirement Readiness in New York City: Trends in Plan Sponsorship, Participation, and Income Security," SCEPA publication series. 2014-03, Schwartz Center for Economic Policy Analysis (SCEPA), The New School.
    • Handle: RePEc:epa:cepapb:2014-03
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    File URL: https://www.economicpolicyresearch.org/images/Retirement_Project/NY_Retirement_Readiness_Figures.pdf
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    More about this item

    Keywords

    Retirement; Social Security; New York City;
    All these keywords.

    JEL classification:

    • J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies
    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth

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