The New York Times joined California workers, lawmakers and retirement policy experts in urging Gov. Jerry Brown to sign the California Secure Choice Retirement Savings Program, SB 1234 into law.
"The plan also could serve as a model for addressing a national problem: Americans for the most part are ill-prepared for retirement, either because they have risky 401(k) plans or inadequate savings or no retirement coverage at all," declares a recent NY Times editorial.
SB1234 would allow millions of Californians working without access to an employer-sponsored retirement plan to enroll into a voluntary retirement plan with modest, guaranteed benefits to supplement Social Security.
Secure Choice is recognized for being more worker-friendly than risky 401(k)s that require regular, large contributions from employees to be near adequate. One of the advantages of the plan is that employee contributions are pooled and professionally managed which reduces costs and investing mistakes, boosting returns beyond what most 401(k) investors achieve on their own.
In addition to highlighting Secure Choice's benefits to workers, NY Times editors dismissed recent opposition to SB1234.
"Most of the opposition has come from the financial industry, undoubtedly because the plan would be a better deal than many of the retirement products they have on offer. Of course, they do not put it that way." Read the rest of the New York Times editorial here.
Gov. Jerry Brown has until Sunday, Sept. 30 to sign SB 1234. Click here to send your own letter to the editor and express your support of the California Secure Choice Retirement Savings Program.