SACRAMENTO – Today, the California Secure Choice Retirement Savings Investment Board recommended to the Legislature a plan to promote greater savings for California’s 6.8 million private-sector workers who currently lack access to employer-sponsored retirement plans.
The following is a statement from AARP California Director of Advocacy Blanca Castro on the California Secure Choice Retirement Savings Investment Board ’s recommendations:“AARP is pleased to support efforts to ensure Californians have financial freedom as they get older.
"We recognize that with California’s diverse population, not everyone has the same access to safe and secure savings programs. 57 percent of California private sector workers work for employers that do not offer retirement saving plans. Small business employees are less likely to have a plan. Workers across all education and earning levels do not have a plan and access to plans differs substantially by race and ethnicity.
We know that making saving easier and building workplace saving plans will help workers build economic security. The Secure Choice program is a commonsense solution that brings us closer to making sure Californians have the assets they need to live independently and control their own future as they age.
We look forward to working with the Secure Choice Retirement Savings Board; the Office of the Treasurer, the Senate President Pro Tem and the California Legislature to pass a plan that is simple to administer and can be implemented quickly to afford access to the 6.8 million Californians who lack workplace savings options.”