SACRAMENTO, Calif. (AP) — California's Senate on Wednesday passed a bill that would create a guaranteed, government-run retirement savings program catering to private-sector workers of modest means.
Lawmakers passed SB1234 by Sen. Kevin de Leon, D-Los Angeles, and Senate President Pro Tem Darrell Steinberg, D-Sacramento, on a 23-13 vote. It now moves to the Assembly.
Unlike individual retirement accounts, de Leon said his legislation would create a "defined benefit retirement" plan with a guaranteed rate of return. He described the California Secure Choice Retirement Savings Act as a supplement to Social Security for nearly 7 million Californians without access to a workplace retirement plan.
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