California Senate Approves Bill Creating Guaranteed Retirement Accounts

Flag of CaliforniaOn May 30, 2012, the California State Senate passed bill SB1234. The legislation would create a statewide retirement program for private workers, targeting those who are not covered by a retirement plan at work. The proposal is based on SCEPA's State GRA plan, and is now in the hands of the California Assembly.

The bill's sponsor, Sen. Kevin de Leon, D-Los Angeles, said before the vote, "We have an opportunity to pull together this very fragmented population, pool their resources together and hopefully we can compound with a solid interest over the course of many horizons and have something for them left during their retirement."

CBS MoneyWatch: Bill Creates State Retirement for Private Workers

Sacramento Bee: California Senate Votes for Private Retiree Plan

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