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Defined Contribution

Seattle mayor proposes secure choice program

Seattle Mayor Tim Burgess

Seattle would have a private-sector IRA program through workplaces under a legislative proposal announced Monday by Mayor Tim Burgess, who assumed office a week ago following his predecessor's resignation.

As part of his budget plan, Mr. Burgess proposed $200,000 to conduct a market feasibility study of the retirement program.

Hank H. Kim, executive director and counsel of the National Conference of Public Employee Retirement Systems, applauded the move. "Mayor Burgess is demonstrating the vision and leadership needed to secure the financial future of Seattle workers who lack access to a workplace retirement savings program. It is well-established that saving for retirement via payroll deduction is a highly effective way to build a nest egg. Mayor Burgess' action puts Seattle in the vanguard of a handful of cities and states that are determined to help their citizens solve the retirement savings puzzle before it becomes a crisis."

A NCPERS report, SecureChoice 2.0, provides an overview of cities and states across the U.S. working on these retirement initiatives.