Workers in California are celebrating today as lawmakers take another step towards delivering retirement security to more workers.
SB1234, which creates the California Secure Choice Retirement Savings Program, now heads to the California Assembly after receiving approval from the Assembly Appropriations Committee.
If passed, SB1234 would give millions of private sector workers without access to employer-sponsored retirement plan 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.
Although the fate of the California Secure Choice Retirement Savings Program is uncertain, SEIU members are optimistic about the legislation.
“Social Security alone doesn’t do it,” said Bob Sigala, SEIU Local 521 retiree member. “SB 1234 would create a better future for working families and the younger generation. And it would boost the economy.”
A coalition of SEIU members from Locals (1000, 521, 1021, 99) and retirement allies recently visited Sacramento to urge lawmakers to support the bill introduced earlier this year by Senator Kevin DeLeon and Darrell Steinberg.