California Advances Legislation Based on SCEPA's Retirement Proposal

California State flagOn April 25th, the California State Senate moved one step closer to passing legislation to create retirement accounts for California workers who do not have access to a retirement plan through their employer. The California Retirement Savings Act, introduced by State Senator Kevin de Leόn and modeled after Ghilarducci's State GRA proposal, was passed by the Senate Committee on Labor and Industrial Relations. 

The legislation would create accounts for private-sector workers, pooling voluntary contributions from employees and employers into a professionally-managed retirement fund that leverages economies of scale and longer investment horizons. 

Jon Ortiz of the Sacramento Bee's State Worker blog is monitoring the bill's progress. He reports that the legislation now moves to the Senate Appropriations Committee. 

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