The President and CEO of United Ways of California, Peter Manzo, joins California State Treasurer, Fiona Ma, former State Senator and Senate President Pre Tempore, Kevin de Leon, representatives from the California Secure Choice Retirement Savings Investment Board, as well as business, nonprofit, organized labor, and consumer advocacy champions today in the Traffic Circle in front of the State Treasurer’s Office to officially launch the CalSavers Retirement Savings Program—a new state facilitated, privately invested, workplace retirement savings program designed to offer California workers a simple, portable, and low cost way to save for the future.

“United Ways of California is excited to partner with the CalSavers Retirement Program to help Californians become more financially secure,” said United Ways of California President and CEO, Pete Manzo. “In California, 7.5 million people don't have access to a workplace retirement plan. As a result, too few California workers save for retirement and retire into financial hardship—the majority of whom are women and people of color. CalSavers will help improve this crisis by providing a simple, portable, low-cost way for workers to save and invest in their futures to truly move them toward financial stability.” 

FOR IMMEDIATE RELEASE

July 1, 2019

Contact: Unai Montes, (213) 476-8742, This email address is being protected from spambots. You need JavaScript enabled to view it.

***MEDIA ADVISORY***

MONDAY, JULY 1, 10:00 AM
PRESS CONFERENCE

STATE TREASURER’S OFFICE — TRAFFIC CIRCLE

915 CAPITOL MALL, SACRAMENTO, CA 90033

United Ways of California Joins State Treasurer Fiona Ma, Former State Senator Kevin De Leon, AARP California, Small Business Majority & UnidosUS to Launch CalSavers & Provide a Path Toward Retirement Security for All Californians

The CalSavers Program Will Help Meet the Needs of the 7.5 Million Californians Who Do Not Have Workplace Retirement Savings Plans — 

2/3 of Whom Work for Small Businesses with Fewer Than 100 Employees, 2/3 of Whom Are People of Color & Nearly 3/5 Are Women

[SACRAMENTO, CA] – The President and CEO of United Ways of California, Peter Manzo, joins California State Treasurer, Fiona Ma, former State Senator and Senate President Pre Tempore, Kevin de Leon, representatives from the California Secure Choice Retirement Savings Investment Board, as well as business, nonprofit, organized labor, and consumer advocacy champions today in the Traffic Circle in front of the State Treasurer’s Office to officially launch the CalSavers Retirement Savings Program—a new state facilitated, privately invested, workplace retirement savings program designed to offer California workers a simple, portable, and low cost way to save for the future.

“United Ways of California is excited to partner with the CalSavers Retirement Program to help Californians become more financially secure,” said United Ways of California President and CEO, Pete Manzo. “In California, 7.5 million people don't have access to a workplace retirement plan. As a result, too few California workers save for retirement and retire into financial hardship—the majority of whom are women and people of color. CalSavers will help improve this crisis by providing a simple, portable, low-cost way for workers to save and invest in their futures to truly move them toward financial stability.” 

WHO: ∙ Peter Manzo, President & CEO, United Ways of California;
∙ Fiona Ma, California State Treasurer;
∙ Kevin De Leon, Former Senate President Pro Tempore & SB 1234 Author;
∙ Yvonne Walker, President, Service Employees International Union (SEIU) Local 1000 & California Secure Choice Retirement Savings Investment Board;
∙ Blanca Castro, Director of Advocacy, AARP California;
∙ Mark Herbert, California Director, Small Business Majority;
∙ Marisabel Torres, Senior Policy Analyst, Wealth-Building Policy Project, UnidosUS;
∙ Katie Selenski, Executive Director, California Secure Choice Retirement Savings Investment Board, CalSavers Retirement Savings Program

WHAT: Statewide launch of CalSavers Retirement Savings Program designed to help meet the needs of the 7.5 Million Californians who do not have workplace retirement savings—2/3 of whom work for small businesses with fewer than 100 employees, 2/3 of whom are people of color, and nearly 3/5 of whom are women.

WHEN: Monday, July 1, 2019 @10:00 AM 

WHERE: State Treasurer’s Office, (Traffic Circle) 915 Capitol Mall, Sacramento, CA 90033

Legislation first introduced in 2012, and reintroduced in 2016 by California Secure Choice Retirement Savings Act (SB 1234) author, Kevin De Leon, established the CalSavers Retirement Savings Program. California joins Oregon and Illinois in implementing an auto-enroll retirement program, available statewide where employers may facilitate a payroll-deduction IRA plan for employees wishing to participate. Employers are not required to match any portion of their employees' contributions, but employers with five or more employees, who don’t already offer a retirement plan, are expected to either begin offering a qualified plan from the private market, or register for CalSavers in accordance with a series of staggered deadlines over the next 3 years. Following a successful pilot program launched in November 2018, Monday, July 1, 2019 is the first day that an estimated 250,000 to 300,000 employers can begin signing up.

United Ways of California annual report on poverty, The Real Cost Measure, finds that 36% of households across the Golden State struggle to meet their basic needs. Current data paint a picture of fewer workers being able to comfortably retire from the workforce – many find themselves at risk of descending from the middle-class. The prospects have been especially dim for low-wage workers who have little to no savings, and lack access to employer facilitated workplace retirement savings plans. There are 7.5 million Californians who are currently on their own when it comes to saving for retirement. With nearly half of California workers on a trajectory to retire into “economic hardship” (defined as below twice the federal poverty line), CalSavers addresses an urgent need. 

Workers are 15 times more likely to save for retirement if they have the tools to do so through their employer. However, 250,000 to 300,000 employers in California do not offer a retirement savings program. The administrative responsibilities, fiduciary liability, and additional costs that come with providing an employer-sponsored plan are often cited as roadblocks. CalSavers addresses these concerns by creating a simple, and low-cost option for employees that it also portable, and manageable for men and women who juggle multiple jobs, generate income through self-employment and entrepreneurial activity, as well as those who rely on participation in the gig economy for income. CalSavers meets workers where they are, and provides them with an opportunity they’ve never had before. United Ways of California view CalSavers as an anti-poverty program; a component of securing future financial security for those living paycheck-to-paycheck.