AARP COMMENDS CALIFORNIA LEGISLATURE FOR PASSAGE OF SB 1234 (De León) CALIFORNIA SECURE CHOICE RETIREMENT SAVINGS PROGRAM: Landmark Legislation Now Moves to the Desk of Governor Jerry Brown

SACRAMENTO – Today, AARP commended the California State Legislature for their landmark passage of the California Secure Choice Retirement Savings Act (Senate Bill 1234), introduced by Senate President Pro Tem Kevin De León. The bill passed out of Senate concurrence and now awaits signature by California Governor Jerry Brown. If Gov. Brown signs SB1234, it would create an auto-enrolled, supplemental retirement savings program for more than 7 million private sector workers in California who do not have access to a retirement savings plan through their job.

“This is a landmark step towards ensuring that nearly 7 million Californians who have been closed off to retirement savings accounts, get access to a simple way to build their assets and economic security over time,” said AARP California Director of Advocacy, Blanca Castro. “This has been a collaborative effort between the legislature, statewide leaders, business, labor and stakeholders of all types to come up with a Secure Choice California program that will help make it easier for people to save for their future. We urge Governor Brown to sign SB 1234 and make Secure Choice a reality for all Californians.”

SB1234’s Secure Choice program has been called “a national model for promoting retirement savings” by the New York Times. The Los Angeles Times said that “when added to Social Security benefits, the money would help keep more retirees out of poverty and off public support.” The Sacramento Bee added, “Democrats and Republicans lament the plight of the working poor. Now legislators have a golden opportunity to give those individuals a hand at minimum cost.” The Santa Rosa Press Democrat said, “It’s our hope that…Jerry Brown will give it his signature. This is an important step toward ensuring a better quality of life in retirement for many Californians, especially those who spent their working years in low- and middle-income jobs.”

SB 1234 passed through California State Assembly (52-26) on August 25 ^th and previously approved by the State Senate (26-13) on June 2 ^nd.

AARP shares the goal of Senate President Pro Tem Kevin De León and California State Treasurer John Chiang of creating a workplace retirement savings plan that is safe, simple, and portable. For more information, visit www.SecureChoiceCA.aarp.org.

About AARP AARP is a nonprofit, nonpartisan organization, with a membership of nearly 38 million, that helps people turn their goals and dreams into real possibilities, strengthens communities and fights for the issues that matter most to families such as healthcare, employment and income security, retirement planning, affordable utilities and protection from financial abuse. We advocate for individuals in the marketplace by selecting products and services of high quality and value to carry the AARP name as well as help our members obtain discounts on a wide range of products, travel, and services.  AARP does not endorse candidates for public office or make contributions to political campaigns or candidates. The AARP Foundation is an affiliated charity that provides security, protection, and empowerment to older persons in need with support from thousands of volunteers, donors, and sponsors. AARP has staffed offices in all 50 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands. Learn more at www.aarp.org .