BILL ANALYSIS Ó
SENATE COMMITTEE ON APPROPRIATIONS
Senator Ricardo Lara, Chair
2015 - 2016 Regular Session
SB 1234 (De León) - Retirement savings plans
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|Version: April 5, 2016 |Policy Vote: P.E. & R. 3 - 2 |
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|Urgency: No |Mandate: No |
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|Hearing Date: May 27, 2016 |Consultant: Robert Ingenito |
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Bill
Summary: SB 1234 would (1) provide legislative approval for the
California Secure Choice Retirement Savings Program (Program),
and (2) set forth recommendations and requirements for the
design and implementation of the Program.
*********** ANALYSIS ADDENDUM - SUSPENSE FILE ***********
The following information is revised to reflect amendments
adopted by the committee on May 27, 2016
Fiscal
Impact: The fiscal impact of this bill is subject to
considerably uncertainty, and would depend on a myriad of
assumptions. The State Treasurer's Office (STO) estimates that
total administrative costs over a multi-year period could reach
up to $134 million. After the first few years of operation,
however, STO estimates that the program could be operated solely
using Program assets.
SB 1234 (De León) Page 1 of
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Author
Amendments: Add worker education and outreach to the duties of
the California Secure Choice Retirement Savings Investment
Board, and make technical changes.
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