The California Secure Choice Retirement Savings Program will be available to about six million low-income, private-sector workers whose employer does not offer them a retirement plan. It would be administered by a seven-member board headed by the state treasurer. It might, or might not, be managed by CalPERS.
The program would have employers withhold 3% of their workers play for placement in the retirement plan unless the employee specifically opts out, which could be done on 2-year cycles.
CalPERS currently has an unfunded liability of about $100 billion.
There are still a LOT of unanswered questions about how this proposal would work, but that doesn't seem to matter to much of the legislature or to Jerry. It is warm-and-fuzzy, so it is all good, whether it is fiscally sound or not.
Clicking here will link to a Sacramento PRAVDA piece on this story.