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The Office of the Treasurer for the State of California has been working for a couple of years to design a state-regulated retirement plan for private-sector employees who otherwise would not have one.
California Secure Choice will be a path-breaking opportunity for low-income wage earners to have a measure of retirement security normally offered to only executives and other white-collar employees.
Today 7.5 million working people in California have no retirement plans at all outside of Social Security. Lower-income people in communities of color are living in poverty thanks to our high cost of living relative to Social Security income. California Secure Choice offers a way to increase retirement income, especially for those people.
There are two options under consideration by the Board that has been developing the plan. Public hearings open to all people will be held March 1 in Los Angeles and March 3 in Oakland.
This is an unprecedented opportunity for employees to establish a 401K even if their employers do not offer such plans. It would involve payroll deductions directed to a state fund overseen by state regulators. It thus provides much greater security than most such plans that operate exclusively within the private markets/
Tuesday, March 1 the hearing will be from 3 pm- 5 pm at the Ronald Reagan State Building Auditorium, 300 South Spring Street, Los Angeles.
Thursday, March 3 the Oakland hearing will be at the Elihu Harris Building, 1515 Clay Street.
Public comments should be kept to 3-5 minutes per person.
Written public comments to the Treasurer’s office on the plans are accepted through he close of business Friday March 4. You do not need to attend the hearing in order to comment. While the staff cannot respond to comments, they will be passed on to the Board.
To see the plans, please go to:
http://www.treasurer.ca.gov/scib/index.asp.
You may offer written comments through the tab, “Secure Choice Contacts”.
Please engage with this public process and offer your feedback on this outstanding opportunity to lift the incomes for all Californians.
Thank you.
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