Assembly Approves Pro Tem de León’s Bill to Provide Retirement Security for Millions of Working Californians

Thursday, August 25, 2016

SACRAMENTOCalifornia Senate President pro Tempore Kevin de León (D-Los Angeles) issued the following statement today with the Assembly’s approval of SB 1234 to create a retirement-savings plan for approximately 7 million Californians who currently lack access through their employers.

“The California Secure Retirement Saving Program, SB 1234, will offer a hand – not a handout – to 6.8 million working Californians whose employers do not offer a retirement plan.

“These low and middle-income workers have played an important role in making California the sixth largest economy in the world, and with today’s action in the Assembly, they are one step closer to achieving the retirement security they deserve.

“Without a secure plan, retirement for millions of hard-working Californians will remain a mirage, always on the horizon but never materializing. And their Golden Years – a time to enjoy the fruits of lifelong toil – will be fraught with financial uncertainty, poverty, and government dependency.

“I want to thank Assemblymember Mike Gatto (D-Glendale) and his colleagues in the Assembly for today’s action and look forward to putting SB 1234 on the Governor’s desk. I also want to thank President Obama and Labor Secretary Tom Perez for finalizing federal guidelines announced today that will now allow states to pursue their own retirement savings plans.”

The Assembly passed SB 1234 on a 47-23 vote. The bill now moves to the Senate for a final concurrence vote before heading to the Governor.

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