This bill created a voluntary, universal, portable IRA account for California workers who do not have access to a retirement savings plan at their workplace. The account supplements the current employer-based system and Social Security. 

Retirement savings policy is addressed more comprehensively on our general Expand Retirement Savings Opportunities page.

Status:
This bill was held in the Senate Appropriations Committee. The bill text is posted at right under 'Related Files.' A similar bill, AB 125, was introduced by the same author and supported by New America in 2009.