(de Leon) Public Employment & Retirement: 3-2-0
co-authors: Gatto, Beall, Dodd, C. Garcia, Gonzalez, Hall, Hertzberg, Leno, McCarty, Pan, Williams
With the looming inadequacy of Social Security and the lack of retirement options for many private-sector workers, SB1234 introduces a solution. All companies in California with at least five employees are now required to offer either their own retirement savings plan or the California Secure Choice Retirement Savings Program. The program creates a low-cost option for workers to have automatic deductions taken from their paychecks and put towards retirement. Since SB1234 focuses on workers who didn’t previously have retirement options, it fills a gap in long-term financial insecurity.