Mayor Tim Burgess issued the following statement after signing into law the Seattle Retirement Savings Plan, which he introduced and championed:

“On Monday the Seattle City Council wisely voted to help the estimated 200,000 workers in this community who lack access to a workplace retirement savings plan,” Mayor Burgess said. “Too many Americans have little more than a few hundred dollars in savings, if any savings at all, never mind any significant amount of money for retirement. In Seattle, Black, Latino, and Asian workers are disproportionately disadvantaged by lack of access to workplace retirement savings. We all know that retirees without savings will never be able to participate in society as they should. But with this legislation, which I’m thrilled to sign into law, Seattle is beginning to help disadvantaged workers plan for a future that will be brighter for them, their families, and society as a whole. This is a pro-business, pro-economic stability, pro-growth, and pro-worker achievement.”

PLAN DETAILS: Employers without any kind of retirement savings program will enroll their workers in this plan. Workers can opt out if they wish. They will determine how much of their paycheck will be deposited in their personal IRA. They will decide how their funds are invested. When workers change jobs, their IRA will follow them. It’s portable and exclusively their own. When this program is implemented, Seattle will become the first city in America to roll out this type of city-facilitated, privately-administered plan—all without taxpayer support or risk and with minimal costs to employers. Now that Mayor Burgess has signed the legislation into law, the City will establish a Board to oversee the program, conduct a market feasibility study, and select a private sector firm as the plan administrator. The Seattle Retirement Savings Plan is expected to take effect as early as 2019, possibly 2020.