Testimony of Nari Rhee before the U.S. DOL ERISA Advisory Council Hearing. The US private sector employer-sponsored retirement system leaves out many workers, disproportionately impacting Blacks and Latinos. While some states have forged their own path to try to close this coverage gap, these efforts are limited in scope by ERISA preemption. Federal policy action is necessary so that all workers are covered by a plan that effectively prepares them for a financially secure retirement.
Retirement Security Policy Solutions
California Workers' Rights: A Manual of Job Rights, Protections and Remedies
Testimony of Nari Rhee before the Health, Employment, Labor and Pensions Subcommittee of the U.S. House Committee on Education and Labor on how the US retirement system can be strengthened and made more inclusive, so that all workers – regardless of race, gender, or class – can have economic security in retirement.
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.
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.
Proposed Congressional Repeal of Federal Regulations Supporting State Auto-IRAs Threatens Retirement Security of 13 Million Workers in Five States
Republicans in Congress are trying to repeal Department of Labor (DOL) regulations that provide a safe harbor for states and large cities to sponsor retirement savings programs for private sector workers without running afoul of federal pension laws.
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.
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.
Meeting California’s Retirement Security Challenge through a State Sponsored Retirement Plan: Policy Design Challenges and Options
This paper outlines key choices in developing a state sponsored retirement system for private sector workers in California who lack access to a workplace pension.
Nearly half of California workers will retire in or near poverty, shows a new study released by the University of California, Berkeley’s Center for Labor Research and Education, “California Workers’ Retirement Prospects.”
This edited volume brings together rigorous academic and policy research to outline California workers’ retirement prospects in the context of threats to Social Security, the decline of secure workplace pensions, and the shift to risky individual investment accounts like 401(k)s.