U.S. Personal Retirement Savings Deficit Stands at $6.6 Trillion and Counting

 Thursday, February 23, 2012

 10:00AM

 In Front of State Treasurer’s Office

 FIVE NATIONALLY-RECOGNIZED RETIREMENT EXPERTS AVAILABLE VIA PHONE--BIOS BELOW

 SACRAMENTO, CA – Addressing the looming “retirement tsunami” represented by the massive shortfall pending in most people’s retirement, Senator Kevin de León (D-Los Angeles), Senate President Pro Tempore Darrell Steinberg (D-Sacramento) and Assemblymember Warren Furutani (D-South Los Angeles County), Chair of the Assembly Public Employees, Retirement and Social Security Committee to unveil a comprehensive retirement savings plan for the seven million private sector workers without access to a workplace retirement plan.

 According to experts, nearly 50% of middle-income Californians will retire at or near poverty given present conditions. Senator De León is proposing a plan that allows people to take individual responsibility for their retirement savings at no cost to taxpayers.

SACRAMENTO, CA – An innovative and pioneering energy efficiency and renewable energy finance mechanism took a step closer to reality today with the introduction of Senate Bill 998 (SB 998) by Senator Kevin de León. The bill would authorize the Public Utilities Commission to establish a first-in-the nation On-bill Repayment (OBR) program allowing consumers a creative way to save money and energy by financing energy efficiency retrofits and renewable energy projects through their utility bills.

The OBR program was envisioned by the Environmental Defense Fund (EDF), which is the principal supporter of SB 998. Assuming a 1% annual participation rate by homeowners, EDF estimates the program could generate more than 20,000 jobs for the hard-hit construction industry and reduce more than seven million tons of CO₂ emissions per year. “Banks want to participate in funding energy efficiency and renewable energy projects in California. This gives them a great opportunity to help fund these worthwhile projects at no cost to taxpayers,” said Brad Copithorne EDF’s Energy and Financial Policy Specialist.

SACRAMENTO, CA – Calling for a bridge between “mainstream” environmentalists and inner-city denizens less typically identified with the environmental movement but equally concerned about shared issues, Senator Kevin de León gladly received the Planning and Conservation League’s (PCL) Legislator of the Year Award at the organization’s annual Environmental Legislative Symposium.

  “The environmental movement must learn to speak Spanish,” said De León as he accepted the award, emphasizing the need to translate the environmental movement for urban and rural Latinos who share the same concerns with those who are referred to as traditional environmentalists, but often speak different languages, both figuratively and literally. “The oil industry benefits from divisiveness among those of us who are making efforts to pursue alternative energy all with the same goal of a healthier environment for everyone regardless of race, economic status or geography.”

  Senator De León noted that he represents a district criss-crossed by six freeways and has some of the country’s worst air quality. To mitigate the direct impacts of climate change largely affecting disadvantaged communities already suffering from adverse health impacts, Senator De León has proposed Senate Bill 535 to create the California Communities Healthy Air Revitalization Trust (CHART). He believes this is important to delivering on the promise of clean air for California’s children and families. The bill will also help provide job opportunities in the new clean tech economy for the hard-working families of California.