In this data brief, we highlight the lack of retirement assets among private sector employees and working-age families in California based on the Census Bureau’s Current Population Survey and 2014 Survey on Income and Program Participation. It turns out that California private sector workers are not merely behind on saving for retirement; half do not own retirement assets and most are currently not saving for retirement at all.
California Retirement Crisis
California Workers' Rights: A Manual of Job Rights, Protections and Remedies
Over half of California private sector employees age 25-64 aren’t enrolled in a retirement savings plan or pension, according to a new data brief by Nari Rhee, director of the Retirement Security Program at UC Berkeley Labor Center. The brief provides a first-ever look at retirement assets—and the lack thereof—among private sector employees and working-age families in the state.
In order to have meaningful retirement security, America’s low-wage workers don’t just need an effective way to save—they also need a raise. The State of California is leading the way by providing both.
California’s $15 Minimum Wage and Secure Choice Retirement Savings Program Can Boost Young Low-Income Workers’ Retirement Incomes by 50%
This study examines the separate and combined impacts of the $15 minimum wage policy and Secure Choice on the retirement income of California workers in the bottom half of the income distribution.
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.
Lessons from California, Connecticut, and Oregon: How Plan Design Considerations Shape the Financial Feasibility of State Auto-IRAs
As a growing number of states move toward establishing retirement savings plans for private sector workers who lack access to an employer-sponsored plan, policymakers and stakeholders are very interested in plan cost. Will the program be self-sustaining? Can it charge fees that are low enough to be attractive to participants? What happens if enrollment falls short of assumptions?
California faces a retirement crisis. As we documented in our 2011 volume, Meeting California’s Retirement Security Challenge, a large share of workers in the state are at risk of serious…
California Secure Choice: Market Analysis, Feasibility Study, and Program Design Consultant Services
Final report for the Market Analysis, Financial Feasibility, and Program Design study for the California Secure Choice Retirement Savings Plan as required by SB 1234.
With the senior population expected to grow by nearly two-thirds in the next two decades, and most workers unprepared for retirement, California faces a mounting retirement crisis. While the retirement…
Can a publicly sponsored retirement plan for private sector workers guarantee benefits at no risk to the state?
This Policy Brief broadly assesses the feasibility of such a plan by analyzing the private cost of guarantees, probable investment returns simulated through a hypothetical pension investment portfolio, and the long-term funded status of a hypothetical pension plan given conservative assumptions.