BILL ANALYSIS Ó SENATE COMMITTEE ON APPROPRIATIONS Senator Ricardo Lara, Chair 2015 - 2016 Regular Session SB 1234 (De León) - Retirement savings plans ----------------------------------------------------------------- | | | | | | ----------------------------------------------------------------- |--------------------------------+--------------------------------| | | | |Version: April 5, 2016 |Policy Vote: P.E. & R. 3 - 2 | | | | |--------------------------------+--------------------------------| | | | |Urgency: No |Mandate: No | | | | |--------------------------------+--------------------------------| | | | |Hearing Date: May 27, 2016 |Consultant: Robert Ingenito | | | | ----------------------------------------------------------------- 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 ? Author Amendments: Add worker education and outreach to the duties of the California Secure Choice Retirement Savings Investment Board, and make technical changes. -- END --