Senate Constitutional Amendment 1 - No Secure Choice Bailout

Fact Sheet (pdf)

Bill Text

Summary:

SCA 1 would prohibit California taxpayer funds from being used to fund the newly created California Secure Choice Retirement Savings Program

Issue Background:

SB 1234 (De Leon, 2016) created the Secure Choice Retirement Savings Program, a defined contribution, individual retirement account that mandates private employees participate through payroll deduction into a retirement savings account managed by the state. The program requires employees to contribute up to 8% of their salary into their newly established personal retirement plan. This constitutional amendment would prohibit the use of any taxpayer funds to be used toward the Secure Choice Program.

 

Articles

Contact

Eric Dietz, Policy Consultant
eric.dietz@sen.ca.gov, (916) 651-4037