Testimony: The Establishment of a New York City Retirement Security Board

June 23, 2015. James Parrott testified at a New York City Council Committee on Civil Service and Labor on the establishment of a New York City Retirement Security Board. The case for a retirement security fund and program for private-sector workers can be summed up as follows: New York City’s population is aging, many private sector workers do not have employer-provided retirement coverage, and our tax system rewards those who have employer-provided retirement coverage but does relatively little to help those who don’t have such coverage. Since most of those without employer-provided retirement security tend to be from low- and moderate-income households and disproportionately persons of color, our existing and troubling income disparities are further intensified by retirement security disparities.