Secure Choice vs Your Choice
SB 1234, the California Secure Choice Retirement Savings Program, activates January 1, 2017. It mandates that any employer with 5 or more employees not participating in a retirement savings program be enrolled over the course of the next three years as follows:
Secure Choice will be a public-private partnership overseen by the State which is intended to address the problem that 7.5 million workers in California have no access whatsoever to workplace retirement plans -- that’s 62% of all private sector employees and a full 84% of people working for employers with 25 or fewer workers. It is projected that almost half of California workers will face hardship in retirement with incomes below 200% of the federal poverty threshold.
While workers will have the choice to opt out of participation, employers will not have that option. The choice, come January 1, 2017, will be to participate in the State mandated program, or to implement a retirement plan of their choice through the selection of a private-sector financial organization.
Contact us to schedule a time to meet so that we can provide you with the professional direction you require.
Protect your options for personal choice while providing your staff with the security for which they work.