GOVERNOR BROWN SIGNS LANDMARK SECURE CHOICE RETIREMENT SAVINGS PLAN INTO LAW

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SACRAMENTO – Today, AARP applauded California Governor Jerry Brown for signing into law the landmark Senate Bill 1234, California Secure Choice Retirement Savings Act (SB 1234), introduced by Senate President Pro Tem Kevin De León. In signing SB 1234, California has created an auto-enrolled, supplemental retirement savings program for nearly 7 million private sector workers in California who did not previously have access to a retirement savings plan through their job.

“AARP applauds California Governor Jerry Brown for this momentous signature of the California Secure Choice Retirement Savings Act,” said Nancy McPherson, California State Director for AARP. “Secure Choice will help millions of California workers improve their financial security by offering them a low-risk, low-cost and portable savings plan. California’s innovative approach is being watched nationwide as a model for improving retirement security for millions of Americans.”

“AARP thanks SB 1234’s author, Senate President pro Tem Kevin De León and California State Treasurer John Chiang for their continued leadership on Secure Choice over the years,” added McPherson. “The grassroots actions of thousands of AARP’s activists, volunteers and those benefitting from this legislation made all the difference. This collaborative effort between the legislature, statewide leaders, business, labor and stakeholders of all types is the reason we are confident that the Secure Choice California program will be successful in making it easier for people to save for their future.”

California’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 Santa Rosa Press Democrat said, “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.”

For more information, visit www.SecureChoiceCA.aarp.org.