ADVISORY: California Begins Process to Devise and Implement Statewide Retirement Program - Senator De León to Kick off Inaugural Meeting

September 03, 2013

SACRAMENTO, CA – On Wednesday, September 4, 2013 at 1 p.m. the California Secure Choice Retirement Savings Investment Board is scheduled to meet for the first time and take action to solicit input from the financial services industry on design features that should be incorporated into the California Secure Choice Retirement Savings Program created by Senate Bill 1234 (De León-Chaptered 2012). The board is working to set up an innovative, first in the nation retirement savings program for the over 6.3 million California private-sector workers, who currently do not have access to retirement plans through their jobs.

WHAT:          California Secure Choice Retirement Savings Investment Board Meeting

WHERE:       State Capitol Room 4203, Sacramento, CA

WHEN:         1 p.m., Wednesday, September 4, 2013

AGENDA:     http://www.treasurer.ca.gov/scib/agenda.asp

The agenda includes a preliminary timeline that projects the program could be operating by early 2016.  As per Senate Bills 1234 & 923 (Chaptered 2012) the program cannot start until a market analysis and feasibility study is completed.

LIVE STREAM: The meeting will be live streamed here mms://media.senate.ca.gov/sen-4203-vid and can be viewed after the meeting here mms://media.senate.ca.gov/2013-09-04-California-Secure-Choice-Retirement-Savings-Investment-Board.

Senate Bill 1234 has been called a “a model for addressing a national problem” in an editorial by the New York Times. The California Secure Choice Retirement Savings Trust is modeled after ScholarShare, Calfornia’s successful 529 College Savings Program. The Secure Choice Program aims to provide a portable and reliable retirement plan that will serve as a modest supplement to Social Security that will allow millions of California private sector employees to retire with dignity.