The American Council of Life Insurers and others in the insurance industry are culminating a long battle against a California bill that is now eligible to be heard on the California Assembly floor, which is expected sometime next week. From there it would go to the governor's office.
SB 1234 would create a state-run pension or retirement savings plan for private-sector workers in California as a way to address what sponsor Sen. Kevin de Leon, D-Los Angeles calls the "looming retirement tsunami."
"When retirement benefits are guaranteed, taxpayers are on the hook for shortfalls in public systems while private pension shortfalls are the responsibility of employers," the ACLI has stated regarding the California Secure Choice Retirement Savings Program.
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