This measure creates a low-cost and easy way for small businesses to offer portable IRAs to their employees who lack access to retirement savings plan at the workplace. The bill establishes the CA Employees Savings Program to promote expanded retirement security for working Californians by making it easier for them to save through payroll deduction while providing small businesses with an affordable basic retirement plan to offer their employees.

The facts about the bill are outlined specifically in the AB 125 Fact Sheet, attached at right. For more on our retirement work, in general, please see our Expand Retirement Savings Opportunities page. 

Status:
This bill was passed by the Assembly (that press release here) and is currently in the Senate Appropriations Committee. The text of the bill is available at right, under 'Related Files.' The prior version of this bill was AB 2940 in the 2007-2008 session.