Kevin McCarty Co-Sponsored (Introduced) this Legislation.
Title: Authorizes Implementation of Retirement Savings Plan
Signed by Governor Jerry Brown, Jr.
Title: Authorizes Implementation of Retirement Savings Plan
Vote to concur with House amendments and pass a bill that requires an eligible employer which provides a retirement savings fund to allow employee participation in the California Secure Choice Retirement Savings Program.
Defines “eligible employer” as a person or entity engaged in an enterprise in the state that has 5 or more employees, excluding the federal and state governments and instrumentalities (Sec. 1).
Requires an eligible employer to provide a payroll deposit savings arrangement with an employee within the following number of months of this bill’s passage if the employer does not offer a retirement savings program (Sec. 9):
12 months for an eligible employer with 100 or more employees;
24 months for an eligible employer with 50 or more employees; and
36 months for any other eligible employer.
Exempts an employer that provides an employer-sponsored retirement plan from the provisions of this bill (Sec. 9).
Specifies an employer is not responsible for the retirement program plan’s administration, investment, or investment performance (Sec. 10).
Authorizes an eligible employer to set up tax-qualified retirement accounts instead of having payroll deposit retirement savings at any time (Sec. 9).
Requires a participating employee to contribute 3% of the individual’s annual salary or wages to the program (Sec. 9).
Authorizes the California Secure Choice Retirement Savings Investment Board to adjust the contribution amount from 2% to 5% according to the length of time the employee has contributed to the program (Sec. 9).
Authorizes the California Secure Choice Retirement Savings Investment Board to establish automatic escalations of contribution percentages by 1% of salary increase per calendar year, not to exceed 8% of salary (Sec. 9).
Authorizes an eligible employee to stop participating in the program or stop automatic escalation by completing an opt-out form (Sec. 9).
Prohibits the California Secure Choice Retirement Savings Investment Board from using more than 1% of the total program funds for administrative costs 6 years after the program’s implementation (Sec. 3).
Title: Requires Eligible Employers to Provide Retirement Savings Funds to Employees
Vote to pass a bill that requires an eligible employer to provide a retirement savings fund to allow employee participation in the California Secure Choice Retirement Savings Program.
Defines “eligible employer” as a person or entity engaged in an enterprise in the state that has 5 or more employees, excluding the federal and state governments and instrumentalities (Sec. 1).
Requires an eligible employer to provide a payroll deposit savings arrangement with an employee within the following number of months of this bill’s passage if the employer does not offer a retirement savings program (Sec. 9):
12 months for an eligible employer with 100 or more employees;
24 months for an eligible employer with 50 or more employees; and
36 months for any other eligible employer.
Exempts an employer that provides an employer-sponsored retirement plan from the provisions of this bill (Sec. 9).
Specifies an employer is not responsible for the retirement program plan’s administration, investment, or investment performance (Sec. 10).
Authorizes an eligible employer to set up tax-qualified retirement accounts instead of having payroll deposit retirement savings at any time (Sec. 9).
Requires a participating employee to contribute 3% of the individual’s annual salary or wages to the program (Sec. 9).
Authorizes the California Secure Choice Retirement Savings Investment Board to adjust the contribution amount from 2% to 5% according to the length of time the employee has contributed to the program (Sec. 9).
Authorizes the California Secure Choice Retirement Savings Investment Board to establish automatic escalations of contribution percentages by 1% of salary increase per calendar year, not to exceed 8% of salary (Sec. 9).
Authorizes an eligible employee to stop participating in the program or stop automatic escalation by completing an opt-out form (Sec. 9).
Prohibits the California Secure Choice Retirement Savings Investment Board from using more than 1% of the total program funds for administrative costs 6 years after the program’s implementation (Sec. 3).
Title: Requires Eligible Employers to Provide Retirement Savings Funds to Employees
Title: Requires Eligible Employers to Provide Retirement Savings Funds to Employees