California Secure Choice Retirement Savings Program (SB 1234): FAQ for Unions and Union Members
Half of California workers are projected to have serious economic hardship when they retire because they don’t have sufficient savings, and 7 million private sector workers—55%—do not have access to a pension or 401k at work. Low-wage workers, small business employees, and Latinos are also much less likely to have access to a retirement plan. And Social Security, while critical, is not enough for most retirees to make ends meet in California.
In order to address this retirement crisis, California enacted SB 1234 in 2016 authorizing implementation of the California Secure Choice Retirement Savings Program (Secure Choice) to help millions of workers save for retirement.