Retirement Security for All
California moves one step closer to helping workers with retirement
SB 1234 goes to full Assembly for approval
Workers in California are celebrating as lawmakers take another step towards delivering retirement security to more people.
SB1234, which creates the California Secure Choice Retirement Savings Program, now heads to the full Assembly after receiving approval from the Assembly Appropriations Committee on Aug. 16.
SB 1234 goes to full Assembly for approval
Workers in California are celebrating as lawmakers take another step towards delivering retirement security to more people.
SB1234, which creates the California Secure Choice Retirement Savings Program, now heads to the full Assembly after receiving approval from the Assembly Appropriations Committee on Aug. 16.
If passed, SB1234 would give millions of private sector workers without
access to employer-sponsored retirement plans an opportunity to enroll
in a voluntary retirement plan with guaranteed benefits. Secure Choice
would act as a supplement to Social Security for low- and middle-income
workers. This affordable plan would be professionally managed and
portable so workers could take their retirement savings from job to job.
The support by members of Local 1000 and other SEIU locals (521, 1021, 99) helped to move to move this bill out of the Assembly Appropriations Committee.
Although the fate of the California Secure Choice Retirement Savings Program is uncertain, SEIU members said the bill is a good start for retirement security for all Californians.
"We need to explore new and innovative models that provide guaranteed retirement income for all workers," said Yvonne R. Walker, Local 1000 president. "If people work all their lives, they should be able to count on some stability so they can retire with dignity."
The support by members of Local 1000 and other SEIU locals (521, 1021, 99) helped to move to move this bill out of the Assembly Appropriations Committee.
Although the fate of the California Secure Choice Retirement Savings Program is uncertain, SEIU members said the bill is a good start for retirement security for all Californians.
"We need to explore new and innovative models that provide guaranteed retirement income for all workers," said Yvonne R. Walker, Local 1000 president. "If people work all their lives, they should be able to count on some stability so they can retire with dignity."