California Employee Savings Program Bill Summary

The California Employee Savings Program creates a voluntary, universal, portable retirement account for California workers who do not have access to a workplace retirement savings plan. It would give six million California workers and their families an opportunity to have their own workplace retirement savings plans to supplement their basic Social Security benefits. The California Employee Savings Program would also give hundreds of thousands of California small businesses an easy, low-cost, voluntary way to offer a retirement savings plan to their employees. Any worker who wanted to participate could elect to have tax-deferred contributions deducted directly from each paycheck. Employers could choose to contribute to employee accounts independently or match employee contributions.

For the full text of the fact sheet, please see the PDF attached below.