Secure Choice board considers retirement plan options
Working to meet the needs of millions of workers with no pension
Local 1000’s work to provide retirement security for all Californians continued on April 27 as the California Secure Choice Board met to discuss the best options to help millions of private sector workers save for retirement.
President Yvonne R. Walker, a Secure Choice board member, described the group’s efforts to develop legislation that will set up a retirement savings plan that can be accessed by workers whose employers don’t provide one.
“It is an incredibly complex job to create a savings system for workers, but it is extremely rewarding to know that our state is showing leadership in helping millions of workers gain retirement security,” Walker said.
“Providing economic security for all Californians is at the core of Local 1000’s purpose statement,” Walker added. “The working families we represent and those that live in our communities all deserve to retire with dignity and security.”
Fewer than half of private sector workers in California have access to a retirement plan through their work and only about a third actually participate in a plan.
The Secure Choice Board was created as a result of SB 1234, the Local 1000-sponsored bill which Gov. Brown signed into law in 2012. Under SB 1234, the board is directed to conduct a feasibility study and then develop a plan that would give millions of private sector workers the ability to save money for retirement.