California moving ahead with Secure Choice program
The California Secure Choice Retirement Savings Investment Board on March 28 unanimously approved final recommendations to the state Legislature for creating a mandatory payroll deduction IRA program for private-sector workers who have no employer-provided retirement plan. "Today we stand assur...
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Artikel |
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2016 |
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Nutzungsrecht: © COPYRIGHT 2016 Crain Communications, Inc. |
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Enthalten in: Pensions & investments - Chicago, Ill. : Crain Communications, 1980, 44(2016), 7, Seite 29 |
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volume:44 ; year:2016 ; number:7 ; pages:29 |
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| 520 | |a The California Secure Choice Retirement Savings Investment Board on March 28 unanimously approved final recommendations to the state Legislature for creating a mandatory payroll deduction IRA program for private-sector workers who have no employer-provided retirement plan. "Today we stand assured that the Secure Choice program is feasible and will be able to reach self-sustaining status within 10 years," Acting Executive Director Cristina Elliott told the board. The panel also advanced an agreement with Oregon and Illinois to share legal costs for clarifying the programs' status with federal regulators. The recommendations are based on a market analysis and financial feasibility study conducted by institutional financial consultant Overture Financial of a mandated program for employers with five or more workers that are not now offering a retirement savings plan. The Overture report calls for a default employee contribution rate of 5% into a Roth IRA, with the choice to switch to a traditional individual retirement account, and auto escalation after the program's first year. It also recommends allowing other employers to participate. | ||
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The California Secure Choice Retirement Savings Investment Board on March 28 unanimously approved final recommendations to the state Legislature for creating a mandatory payroll deduction IRA program for private-sector workers who have no employer-provided retirement plan. "Today we stand assured that the Secure Choice program is feasible and will be able to reach self-sustaining status within 10 years," Acting Executive Director Cristina Elliott told the board. The panel also advanced an agreement with Oregon and Illinois to share legal costs for clarifying the programs' status with federal regulators. The recommendations are based on a market analysis and financial feasibility study conducted by institutional financial consultant Overture Financial of a mandated program for employers with five or more workers that are not now offering a retirement savings plan. The Overture report calls for a default employee contribution rate of 5% into a Roth IRA, with the choice to switch to a traditional individual retirement account, and auto escalation after the program's first year. It also recommends allowing other employers to participate. |
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The California Secure Choice Retirement Savings Investment Board on March 28 unanimously approved final recommendations to the state Legislature for creating a mandatory payroll deduction IRA program for private-sector workers who have no employer-provided retirement plan. "Today we stand assured that the Secure Choice program is feasible and will be able to reach self-sustaining status within 10 years," Acting Executive Director Cristina Elliott told the board. The panel also advanced an agreement with Oregon and Illinois to share legal costs for clarifying the programs' status with federal regulators. The recommendations are based on a market analysis and financial feasibility study conducted by institutional financial consultant Overture Financial of a mandated program for employers with five or more workers that are not now offering a retirement savings plan. The Overture report calls for a default employee contribution rate of 5% into a Roth IRA, with the choice to switch to a traditional individual retirement account, and auto escalation after the program's first year. It also recommends allowing other employers to participate. |
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The California Secure Choice Retirement Savings Investment Board on March 28 unanimously approved final recommendations to the state Legislature for creating a mandatory payroll deduction IRA program for private-sector workers who have no employer-provided retirement plan. "Today we stand assured that the Secure Choice program is feasible and will be able to reach self-sustaining status within 10 years," Acting Executive Director Cristina Elliott told the board. The panel also advanced an agreement with Oregon and Illinois to share legal costs for clarifying the programs' status with federal regulators. The recommendations are based on a market analysis and financial feasibility study conducted by institutional financial consultant Overture Financial of a mandated program for employers with five or more workers that are not now offering a retirement savings plan. The Overture report calls for a default employee contribution rate of 5% into a Roth IRA, with the choice to switch to a traditional individual retirement account, and auto escalation after the program's first year. It also recommends allowing other employers to participate. |
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<?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>01000caa a2200265 4500</leader><controlfield tag="001">OLC197466273X</controlfield><controlfield tag="003">DE-627</controlfield><controlfield tag="005">20230714190403.0</controlfield><controlfield tag="007">tu</controlfield><controlfield tag="008">160609s2016 xx ||||| 00| ||eng c</controlfield><datafield tag="028" ind1="5" ind2="2"><subfield code="a">PQ20160610</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-627)OLC197466273X</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-599)GBVOLC197466273X</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(PRQ)g1004-5faaf60864af699689bd6f7183dadd4f794e95b2b8ce959e46e8bfda6fcee9b60</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(KEY)0018181120160000044000700029californiamovingaheadwithsecurechoiceprogram</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-627</subfield><subfield code="b">ger</subfield><subfield code="c">DE-627</subfield><subfield code="e">rakwb</subfield></datafield><datafield tag="041" ind1=" " ind2=" "><subfield code="a">eng</subfield></datafield><datafield tag="082" ind1="0" ind2="4"><subfield code="a">330</subfield><subfield code="q">ZDB</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">California moving ahead with Secure Choice program</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="c">2016</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="a">Text</subfield><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="a">ohne Hilfsmittel zu benutzen</subfield><subfield code="b">n</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="a">Band</subfield><subfield code="b">nc</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="520" ind1=" " ind2=" "><subfield code="a">The California Secure Choice Retirement Savings Investment Board on March 28 unanimously approved final recommendations to the state Legislature for creating a mandatory payroll deduction IRA program for private-sector workers who have no employer-provided retirement plan. "Today we stand assured that the Secure Choice program is feasible and will be able to reach self-sustaining status within 10 years," Acting Executive Director Cristina Elliott told the board. The panel also advanced an agreement with Oregon and Illinois to share legal costs for clarifying the programs' status with federal regulators. The recommendations are based on a market analysis and financial feasibility study conducted by institutional financial consultant Overture Financial of a mandated program for employers with five or more workers that are not now offering a retirement savings plan. The Overture report calls for a default employee contribution rate of 5% into a Roth IRA, with the choice to switch to a traditional individual retirement account, and auto escalation after the program's first year. It also recommends allowing other employers to participate.</subfield></datafield><datafield tag="540" ind1=" " ind2=" "><subfield code="a">Nutzungsrecht: © COPYRIGHT 2016 Crain Communications, Inc.</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Costs (Law)</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Individual retirement accounts</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Payroll deductions</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Regulation</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Retirement planning</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Investment policy</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Retirement plans</subfield></datafield><datafield tag="773" ind1="0" ind2="8"><subfield code="i">Enthalten in</subfield><subfield code="t">Pensions & investments</subfield><subfield code="d">Chicago, Ill. : Crain Communications, 1980</subfield><subfield code="g">44(2016), 7, Seite 29</subfield><subfield code="w">(DE-627)167995278</subfield><subfield code="w">(DE-600)614327-1</subfield><subfield code="w">(DE-576)9167995276</subfield><subfield code="x">0095-4772</subfield><subfield code="7">nnns</subfield></datafield><datafield tag="773" ind1="1" ind2="8"><subfield code="g">volume:44</subfield><subfield code="g">year:2016</subfield><subfield code="g">number:7</subfield><subfield code="g">pages:29</subfield></datafield><datafield tag="856" ind1="4" ind2="2"><subfield code="u">http://search.proquest.com/docview/1779241024</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_USEFLAG_A</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">SYSFLAG_A</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_OLC</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">SSG-OLC-WIW</subfield></datafield><datafield tag="951" ind1=" " ind2=" "><subfield code="a">AR</subfield></datafield><datafield tag="952" ind1=" " ind2=" "><subfield code="d">44</subfield><subfield code="j">2016</subfield><subfield code="e">7</subfield><subfield code="h">29</subfield></datafield></record></collection>
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