SACRAMENTO, CA - Whether or not millions of mostly lower wage workers can contribute to their own retirement to provide themselves dignity in their senior years could be answered with the passage of SB 1234 – the California Secure Choice Retirement Savings Program by Senator Kevin de Leòn (D-Los Angeles). The bill was heard yesterday in the Assembly Appropriations Committee and the key issues of the Employee Retirement Income Security Act (ERISA)and preemption were discussed at length. The bill was put on the Suspense File and it will be determined next week whether or not it will advance to the Assembly Floor then on to the Governor’s desk.
“I think we are close to resolving the issue of ERISA with key business groups and I look forward to this bill advancing,” said Senator De Leòn. “We are very close to solving one of the biggest looming challenges on the horizon for California. Offering people a shot at dignity in retirement is not only humane it is sound policy to avoid a giant fiscal calamity if we don’t.”
“I also want to clarify my comments in Committee yesterday concerning the U.S. Department of Labor,” Senator De Leòn continued. “Secretary Solis has been helpful in our dialogue in furthering discussions about ERISA and preemption but her Department has taken no position on the bill.”
A copy of Secretary Solis’ letter can be downloaded here.