Victory! Governor signs “Secure Choice” Retirement Security for All
Local 1000 members at the forefront of legislation
In a landmark victory for working families, Governor Jerry Brown signed the Secure Choice plan into law last Thursday, making retirement savings possible for millions of Californians for the first time in their lives.
Secure Choice represents the biggest expansion of retirement opportunity in generations and was made possible by a broad coalition of partners that includes community groups, private and public sector workers and labor unions up and down the state, including members of Local 1000, who were at the forefront of moving this legislation forward.
“Our members helped bring Secure Choice fromconcept to reality, following through on our commitment to ensure every Californian has access to a dignified retirement. Thousands of our members shared their stories, sent letters or testified at public hearings across the state as the new plan was shaped,” said Yvonne R. Walker, Local 1000 President.
Secure Choice is a voluntary retirement savings plan for millions of private sector, home-based and self-employed workers who currently don’t have access to a pension plan. Savings are made through voluntary payroll deductions, and the accounts follow the workers throughout their working years.
“Local 1000 members believe a safe and secure retirement should be available to everyone who works hard throughout their lives,” said Yvonne R. Walker, President of SEIU Local 1000 and Chair of the SEIU Retirement Security Committee. “The Secure Choice plan is a turning point in the history of our state – and our 95,000 members are proud to have fought for a plan that closes the income gap for all seniors.”
The California Secure Choice Retirement Savings Investment Board will meet in October to begin discussing the key steps to setting up the plan. First steps will include partnering with public entities and firms to establish the capacity to enroll and track participants at the scale required in the next few years. The plan may begin accepting contributions in the next two years.
“Our members helped … to ensure every Californian has access to a dignified retirement.”
– Yvonne R. Walker, President