Recognizing October as National Retirement Security Month

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.