Consumers’ Retirement Outlook at Historic Low
14% Confidence Mark Underscores Need for Sen. De Leon’s SB 1234
SACRAMENTO – Only 14% of U.S. workers are certain they will have enough to live on comfortably in retirement according to a survey released today by the Employee Benefit Research Institute (EBRI) marking a drop from 2007 when the figure hit a high of 27 percent in the annual assessment, which is the longest running retirement survey of its kind in the nation. Senator Kevin de León and Senator Darrell Steinberg have introduced Senate Bill (SB) 1234 – the California Retirement Savings Act to help address this mammoth challenge.
Bill Helps Address Massive Personal Retirement Savings Deficit
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 Chair of the Assembly, Public Employees, Retirement and Social Security Committee, Warren Furutani (D-South Los Angeles County), today unveiled Senate Bill 1234 (SB1234) the California Retirement Savings Act, which creates a comprehensive retirement savings plan for the seven million private sector workers without access to a workplace retirement plan.
“California threatens to become home to a sea of discarded seniors unless we wake up and address the looming retirement tsunami,” said Senator De León referencing the $600 billion personal retirement savings deficit in the state. “This bill allows people to take personal responsibility for their own retirement without a cost to taxpayers helping us avoid potentially catastrophic conditions in California.” According to experts, nearly 50% of middle-income Californians will retire at or near poverty given present conditions.
California workers in the private sector need a lifelong retirement savings system that provides them with the opportunity to build their assets and achieve financial stability in retirement. SB1234 would provide a vital supplement to Social Security income and pool employee and employer contributions into a professionally-managed retirement fund that leverages economies of scale to offer portable, efficient, low-cost defined benefit retirement plans. If workers contributed just 3% of their earnings towards a retirement fund, the fund would generate an estimated $6.6 billion in the first year alone.
“We should be doing all we can to help all workers in both the public and private sector have an opportunity for a secure retirement,” said Senate Pro Tem Darrell Steinberg. “For millions of Californians now working without a retirement plan, this proposal can provide a better financial future as a safe, low-cost supplement to their Social Security and personal savings.”
SB1130 to Create Jobs and Save Energy
SACRAMENTO, CA – Continuing his push to dramatically increase the pace and scope of energy efficiency retrofit activity in California, State Senator Kevin de León (D-Los Angeles) and State Controller John Chiang today unveiled legislation sponsored by the Controller and co-authored by Assembly Member Nancy Skinner (D-Berkeley), expected to promote cost-effective retrofits of commercial buildings throughout California. The “Building the Economy Through Energy Retrofits” (BETER) program, is expected to create construction jobs while helping business owners save tremendously on their energy costs.
“This bill will help drive private investment into energy efficiency retrofit activity in California at no cost to taxpayers,” said Senator Kevin de León, author of Senate Bill (SB) 1130. “And it is precisely this activity that will help further stimulate our job market putting the exact industry segment back to work that is most in need – the construction trades.”
U.S. Personal Retirement Savings Deficit Stands at $6.6 Trillion and Counting
Thursday, February 23, 2012
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 – Today the Commission on Teacher Credentialing suspended the teaching credential of Miramonte Elementary School teacher Martin Springer who has been charged by the District Attorney with committing lewd acts against children. Miramonte teacher Mark Berndt’s credential was suspended on January 31, 2012, after he was charged by the District Attorney. Their credentials were suspended by law because of the charges of sex crimes involving children.
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.