PRESS STATEMENT

NCLR Strongly Supports California Bill on Retirement Savings

April 11, 2016

Contact:
Julian Teixeira
jteixeira@nclr.org
(202) 776-1812

WASHINGTON, D.C.—Today, the California State Legislature will hold a hearing on the enactment of the Secure Choice Retirement Savings Program (SB 1234). The program could provide first-time access to a retirement plan for nearly four million Latinos in California who work for businesses that do not offer retirement programs. NCLR (National Council of La Raza) strongly supports this legislation and encourages the state legislature to include our recommendations on universality, automatic enrollment, portability, flexibility of funds, and simplicity.

“A secure retirement plan can not only provide support in later years, but peace of mind today to millions of hardworking families in California. And the state has the potential to once again lead the nation on an important issue—this time closing the growing wealth gap that harms Latinos and other communities of color,” said Janet Murguía, President and CEO of NCLR. “Through this legislation, the Secure Choice Retirement Savings Program will allow millions in our community to save for retirement through the workplace—the most effective way to do so—for the first time ever.”

The Secure Choice Retirement Savings Program will establish portable and reliable retirement accounts for workers without access to other workplace retirement programs, encouraging participation through automatic enrollment and small payroll contributions.

NCLR, along with our California Affiliate Network, is working closely with lawmakers to garner support from business leaders, community leaders and other stakeholders in order to ensure the passage of SB 1234. We commend Senate President pro Tempore Kevin de León for his vision and leadership on this important issue.

NCLR—the largest national Hispanic civil rights and advocacy organization in the United States—works to improve opportunities for Hispanic Americans. For more information on NCLR, please visit www.nclr.org or follow along on Facebook and Twitter.