BILL NUMBER: S10677
SPONSOR: JACKSON
 
TITLE OF BILL:
An act directing the office of the state comptroller to conduct a study
on establishing a universal pension system in the state of New York
 
SUMMARY OF PROVISIONS:
Section 1 authorizes and directs the office of the state comptroller to
conduct a study regarding establishing a universal pension system in New
York.
Section 2 establishes that a year after the legislation goes into
effect, the comptroller will submit a report of the study to the Gover-
nor, the Temporary President of the Senate, the Speaker of the Assembly,
the Minority Leader of the Senate, the Minority Leader of the Assembly,
the Chair of the Senate Investigations and Government Operations Commit-
tee, the Ranking Member of the Senate Investigations and Government
Operations Committee, the Chair of the Assembly Government Operations
Committee, and the ranking member of the Assembly Government Operations
Committee.
Section 3. This act shall take effect on the 90th day after it becomes
law
 
JUSTIFICATION:
A universal pension is a guaranteed schedule of payments provided solely
according to age, citizenship, and residence. Its purpose is to provide
a guaranteed standard of living to residents who are entering retire-
ment, impacted by disability, or suffering from the death of a parent or
spouse. A fully comprehensive universal pension system would include the
administration of these payments, regulations to guarantee fair prac-
tices for occupational and private pension plans, and supplementary
measures to limit cost-of-living increases and support access to hous-
ing, healthcare, and community resources.
This legislation directs the New York State Comptroller to conduct a
study on establishing and implementing a universal pension system in New
York. The study will include but is not limited to how many New Yorkers
would be eligible for a universal pension, the considerations that need
to be made into including nontraditional workers (part-time, gig econo-
my, seasonal), a review of universal pension systems in other countries
(New Zealand, Denmark, and Norway), and other important considerations
that need to be made.
A universal pension would provide direct financial benefits for those
living, working, and retiring in New York. Among the most commonly cited
concerns for New Yorkers are the rising cost of living and how those
costs are driving residents out of the state. A comprehensive universal
pension system would address the currently rising rates of poverty among
older residents while also incentivizing younger populations to move to
and remain in New York. This is an investment that could lead to a
significant increase in the quality of life for New Yorkers, generating
a more stable New York State economy and paying dividends well into the
future. The concept behind this legislation came from Jacob Brode of
Schenectady, New York.
 
LEGISLATIVE HISTORY:
New Bill
 
FISCAL IMPLICATIONS:
None
 
EFFECTIVE DATE:
This act will take effect immediately.