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

Teresa Ghilarducci, Joelle Saad-Lessler and Kate Bahn
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Kate Bahn: Schwartz Center for Economic Policy Analysis (SCEPA), https://www.economicpolicyresearch.org

No 2014-03, SCEPA publication series. from Schwartz Center for Economic Policy Analysis (SCEPA), The New School

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.

Keywords: Retirement; Social Security; New York City (search for similar items in EconPapers)
JEL-codes: E21 H55 J26 (search for similar items in EconPapers)
Pages: 10 pages
Date: 2014-04
New Economics Papers: this item is included in nep-age, nep-dem, nep-mac and nep-pbe
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Persistent link: https://EconPapers.repec.org/RePEc:epa:cepapb:2014-03

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