Governor Signs Bill Creating Pensions for Private Workers
On Friday, Gov. Jerry Brown (D) signed into law a bill (SB 1234) that establishes a state-run retirement savings program for private-sector employees that is funded by an automatic 3% payroll deduction. The law was developed to aid an estimated 6.3 million private employees in California who currently have no pension plan. Brown also signed into law another bill (SB 923) that requires a feasibility study and a final legislative vote before the program can take effect.
- "Jerry Brown Signs Package To Advance Private Retirement Savings Plan" (Sanders, Sacramento Bee, 9/29).