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Councilmember Tim Burgess’ Statement on the U.S. Senate Repeal of Worker Savings Rule

Councilmember Tim Burgess (Position 8, Citywide) issued the following statement following the United States Senate’s vote today (50-49) to repeal a new federal rule that would have allowed cities like Seattle to establish automatic retirement savings accounts for people who work in the city:

“This is a profound disappointment. We have been working on creating the Seattle Retirement Savings Plan for over a year to benefit workers and our small businesses.

“Individuals are far more likely to save for retirement if their workplace offers a retirement savings plan, but an estimated 200,000 Seattle workers do not have access to such plans. The Seattle Retirement Savings Plan would have provided these workers an easy and efficient opportunity to begin saving for their future retirement. The automatic enrollment program would give workers, especially those working at small businesses, the chance to begin saving, all at no or very little cost to their employer.

“This loss of opportunity is a direct hit against workers. It’s very unfortunate that Senate Republicans repealed this wonderful opportunity. It would have been great for businesses, great for workers, and great for our economy.”

A FAQ is available here, providing more information about the Seattle Retirement Savings Plan.

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