This weekend, Governor Jerry Brown signed the California Secure Choice Retirement Savings Program (SCRSP). The new law, SB 1234, establishes a VOLUNTARY pension program for California workers to assist them in supplementing their Social Security benefits which are arguably insufficient to support the financial needs of Californians once they retire.
It isn’t surprising to me that the Business Council would choose a red herring argument to oppose legislation the would help keep millions of future private sector retirees out of poverty. They raise the argument of budget deficits and claim that liability for retirement benefits will fall on the California taxpayers. It won’t.