City Staff Ideas Challenge
#nycspeaks2022 Share your ideas for bold actions the Mayor should take
Employee City Bond Purchase Program
The plan would offer to Employees discounted Bonds issued by the city. The City matchs employees contributions to the plan 11%. Choice of maturity dates giving them options to diversify. Fortune 500 companies offer Employee Stock Purchase Plans, which many employees participated in. it is a valuable resource which helps grow wealth for the future. I believe an Employee City Bond Purchase Plan offers City employees an opportunity to own equity in our employer and also grow wealth.
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Would be open to discussion and input from others.
Conversation with Adam Friedman
New York City is considered the greatest city in the world. This notion gets changed quickly when people travel on New York City roads with potholes and rusting infrastructure. If there were bonds most accessible to city employees, I'd be very quick to invest as rebuilding infrastructure takes incentive and financing to get the best workers and raw materials. I also love the fact that you can put your money where your thoughts are in terms of NYC being the greatest city in the world with an Employee program.
Also I like the idea or should I say the incentive for the City of New York to adopt this program. Imagine if only 1/2 of NYC employees participated and contributed 5% of their salary. NYC would be seeing back 2.5% of total NYC employee payroll as bond investments. You are also getting the idea a Employee City Bond Purchase program would internally drive and externally reward employees for their stewardship of the City.
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