The newly published 'Retirement Readiness in New York City: Trends in Plan Sponsorship, Participation and Income Security' report by Joelle Saad-lessler, Kate Bahn and I documents research, conducted at the request of New York City Comptroller Scott Stringer, reveals a 17% drop (from 49% to 41%) between 2001 and 2011 in the percentage of New York City workers participating in a retirement plan at work. Only 12% of New Yorkers had a defined benefit (DB) plan. The DB plan guarantees a pension return, whereas defined contribution (DC) plans i.e. 401(k)/IRA do not. As a result, DB plans maintained an average income replacement rate of 90% versus the DC plan, which on average only replaced 48% of workers' salaries throughout retirement. The consequences of declining employer-sponsored plans and low replacement rates threaten workers' standard of living in retirement and could increase poverty levels among the city's older residents. This research makes clear that under the current system of retirement savings, the only workers protected from a significant reduction in their living standards at retirement are the dwindling number of workers with traditional DB plans.