Secure Choice Retirement Plan Passes Senate

Sacramento, CA – The Service Employees International Union (SEIU) California released the following statement today after the Senate passed SB 1234 (De León) on a 26-13 vote. The bill would implement a new retirement investment plan that would help alleviate a looming epidemic of poverty among California seniors by providing a way for private sector workers to save for retirement through automatic paycheck contributions.

Yvonne R. Walker, SEIU Local 1000 President and Chair of SEIU’s National Retirement Security Committee, said:

“Today the Senate stood up for the California Dream of dignity in retirement after a lifetime of hard work.

“Every worker should have access to a secure, stable retirement plan like Secure Choice that builds wealth for workers. Sharing the risk of retirement among all workers and across generations of workers is key.

“Along with strengthening Social Security at the national level, Secure Choice is a crucial piece of the policy changes needed to make a secure retirement available to all. The Secure Choice plan will make California a leader in addressing a looming epidemic of senior poverty that threatens to hit women, low-income workers, and people of color the hardest.”

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