Sen. De León SB 1234 Bill Signing

March 20, 2018 gtutt44 34 comments

Hi this just in from SB 1234 Secure Choice. There will be a meeting 3/26. If you would like more info visit my web site at and click ins. Now you can read the transcript.

test test one to test test test test test here here test want to test yeah good morning everyone I’m Debra and I’m with the governor’s press shop how’s everyone doing thank you for coming I really appreciate it just a couple of ground rules please I’m gonna do it too right now make sure your phones are off on silent please and also for those of you who are sitting here try not to well please don’t do this with your phone and raise it up because you’re gonna get it in the way of the cameras and we want to make sure all the media get a good shot and that this goes out throughout the state and not just in this room so you can still get a good shot right in front of your face just try not to do this and if you do I’m gonna come back your phone um so we hopefully will get going in the next five minutes Thanks good morning and thank you for all being here this is a big day a very big day for me personally it’s a big day for my colleagues both in the Senate as well as the Assembly and it’s a very big day for California the California secured choice retirement savings program will help nearly 7 million 7 million hardworking Californians get on a better path to self-sufficiency when they can no longer work today these millions of Californians have zero zero access to retirement plans through their jobs close to half of middle income workers are at risk of falling into poverty when they retire after a lifetime of hard work these workers who helped make California the sixth largest economy in the world deserve to retire with dignity this bill is about personal responsibility it’s about offering retirement savings opportunities to hard-working Californians so they can build savings over their lifetimes and retire with dignity the retirement insecurity crisis is looming on the near horizon and has an impact on each and every one of us in this great state of California if we fail to act our fellow Californians when their bodies break down their arms their shoulders their waists their hips their backs their legs they will be forced to rely on taxpayer funded government assistance just to survive we will do better much better with this bill I think of the single mother like my mother who worked tirelessly to promote or to provide for their families and have to keep working until their bodies literally break down before they can even think about retiring today I also think about the Millennial raishin for just starting their careers just like my daughter and we’ll secure choice we will give them a start a new start to start saving to start saving for the future at any job that they are at our younger generation will have an additional savings account that they can rely on today is the culmination the culmination of many years of hard work by an extraordinary coalition of advocates economists and educators this journey began for me back in 2008 with the first vision of this bill it felt that year and again it felt back in 2009 and then in 2012 after going back to the drawing board our great governor governor Governor Jerry Brown signed the first vision of Senate bill 1 2 3 4 since that measure took effect we have been steadily marching forward to get to this day the membership of the secure choice board was appointed I raised 1 million dollars from private private sources to fund legal services and the mandated market analysis and feasibility study and the study came back and it came back with the essential finding that the program is in fact financially viable and will be self-sustaining over the past few years both my staff and I traveled on numerous occasions back to Washington DC to meet with White House officials then secretary of labor in Los Feliz and now Secretary Tom Perez of the US State Department the US Department of Labor and their legal team also with Treasury Department officials and other key players on Capitol Hill last summer President Barack Obama directed United States Department of Labor to issue regulations on the federal ERISA question the Employee Retirement individual Security Act of 1974 just last month on August 25th the Department officially released landmark regulation which provides a clear guidepost uncertainty so California and other states can move forward with their own retirement security plans this is a tremendous victory for this program and for California in other states joining our movement the secure choice program we know will not be the panacea to the retirement crisis but it will save millions of hardworking Californians from falling into poverty when they can no longer work now this is a big deal this is a big day for all of us in California and for the United States of America because it’s the first program of its kind in the largest expansion retirement security since the New Deal with FDR giving hard working Californians a modicum of dignity and respect for their hard work people like my aunt a single mother who is a salt of this earth who worked all of her life cleaning other people’s homes only for her to keep working well into her 70s and only stopped working because she had a stroke but I was her 401k plan her IRA planned her defined benefit plan and it is morally unjust that so many hard-working California’s irrespective of who they are and where they come from well work well to their 60s and 70s and even 80s not by choice but out of necessity to pay for their medication to pay for the roof over their head to put the clothes on their back and the food on their table this is a big big deal today I’m very proud of the coalition that made this day possible and I want to take a moment a quick moment to recognize several individuals and organizations who went above and beyond first I want to thank my chief of staff Dan Reeves and Lisa chin my policy director they had been with me since day one when I started as elected official back in 2006 they had been tireless in this journey with me here in Sacramento and in Washington DC Nancy LeMond and everyone at AARP thank you for what you have done for all of us Yvonne Butler and local 1000 SEIU 1000 and the leader of if sei use retirement security for all initiative nari re from the UC Berkeley labor center thank you for your technical expertise I want to thank also to US Labor Secretary Tom Paris when we met earlier this year we engage not any pro functor e 10 15 20 minute meeting niceties our exchange and we just go on our different paths but we also we actually engaged in a one hour close an hour and a half highly technical legal meeting with his legal team and my legal team rolling up our sleeves and really going through this point by point I want to recognize also to the US Treasury Department official mark mark ivory mark has been wonderful back in 2008 when he was with the Brookings Institute he was an early supporter of this effort I want to thank Senator Louis walk and her husband Bruce walk the reason why I say this is that mr. walk was the former dean of the law school at UC Davis and is mr. Walter wrote the college textbook for law school on the issue of ERISA and who gave us clear guidance to engage with the lawyers in Washington DC and those on Wall Street so thank you Bruce and Thank You Louis very much I want to thank my good friend State Treasurer John Chung I want to thank you very much for going with me on the numerous occasions back to Washington DC working side by side with me and your leadership also to under security ice board for their diligent work to make this actually the reality and to all the board members of secure choice I want to thank you for your hard work and finally to Governor Brown for signing this measure into law today we started together back in 2012 you had lots of questions very good questions and I think we answered these questions together and to quote our great Vice President of the United States of America Joe Biden this is a big f and deal today so just say something very very quickly I won’t repeat my statement but I’ll say one paragraph me siento two momenta contento de presencia de la fere my historical project on lolly sa Bev uno dos tres cuatro es un paso chicken tesco hacer el ante para grantees are que las familias Toraja Dora’s aquí el estado Califonia pueden ku Billy our second div da y po dead man tener una standard descent a para vivir en la tercera da yo Whoville are say in lapa Brezza para cada persona que trabajar como req Ameri como horn Alero como olympic asses como cocinero yo voy della car esta propuesta a caduceus las familias trabaja Dora’s Kate Robbins llama do gada hasta la noche ser a CEO note hola pasilla para mejor on the condition Amana do sus familias de su FICO’s aqui nest egg ramp ice with that it is with great pleasure that I bring a friend an ally and the struggle to bring retirement security for all California Californians to the microphone there’s miss miss Yvonne walk so good morning I have never been prouder to be a member of SEIU and to be a Californian at SEIU we believe that everyone should be able to retire with dignity after a lifetime of hard work and our SEIU members throughout California are proud to have fought for SB one two three four and the secure choice plan this plan will close the income gap for all seniors and usher in retirement security for all working families California is the sixth largest economy in the world and there is no reason no reason at all why we can’t pay workers a livable wage and provide Californians a better retirement plan than many faced today about seven million people and this is I think one of our greatest shames about seven million people are working without a path to retirement this means they don’t have a pension they don’t have access to a 401k plan but today today we are creating a brighter future for our community for our neighbors for our children for our grandchildren for our California this is a historic moment for working families all across California and no longer will work until I die be the only option for millions of workers not having access to simple automatic retirement savings plan will hold back a tsunami of senior poverty that will take its biggest toll on women and people of color at SEIU we are firmly committed to ensure that all Californians have access to a dignified retirement and that’s why our members work so hard to bring secure choice from concept to reality thousands of our members wrote letters they told their personal stories they took time off of work to testify before the board as this new plan was shaped and we are proud we are absolutely proud to be champions for retirement security for all because at the end of the day we are all in this together and we will all do good together or we will all fail together so I’d like to take this opportunity to introduce one of these workers Charlene van Caryn she is currently a security guard at CalSTRS here in Sacramento so with that showing good morning and thank you all for being here I’m glad to be here to see this bill signed today this is a great day for California workers I myself am a security guard have been a security guard for a number of years and this bill is important to me because it gives me and all workers in California the ability to lay a solid foundation for ourselves to retire also for our children and most importantly our grandchildren so this is a great day and I would like to thank Governor Brown for signing this bill and I would like to thank all of you for being here and just it’s just really great for this this to happen thank you and our next speaker is the state treasurer good morning I’m delighted to be well with all of you I want to begin by thanking Kevin Perez and creditors incredible vision for bringing forth this idea he first came forward with the idea of having CalPERS and putting in place a defined benefit plan his persistence got us to this day to get today and then I want to thank so many of the interested parties especially led by Yvonne SEIU 1000 as Keven alluded to AARP a AARP was wonderful and setting up the meetings that Kevin and I attended at the White House with Senator boxer with the former Speaker Pelosi representatives on both sides of the aisle to make sure that we had the legal construct so that we could have the rules designed so that we could have an effective program today California is the state of discovery innovation and opportunity when the governor fixes his signature today he’s going to send a worldwide signal about the opportunities once again led by California so this is a model that’s not only going to take care of individuals who have historically fallen behind and Yvonne alluded to that this program will tremendously assist women who are falling into poverty and people of color Latinos and African Americans who are today at the workplace doing everything that they are supposed to be doing but unfortunately are working in circumstances that don’t provide them with any type of retirement security and so that this plan as we go forward and we have to understand that this is an important first step but when we return this back to the secure choice board we are going to aggressively work on designing a program as effective by minimizing costs by maximizing investment opportunities so that the younger generation as evidenced by both Kevin and Yvonne’s comments have an opportunity to retire at higher levels retirement security levels higher than the generation that is 55 and over for those who haven’t followed this debate closely those between the age of 25 and 44 the retirement security numbers drop dramatically and so this will have a substantial impact on the opportunities of yogurt generations and so this is the most significant development since the enactment of Social Security I’m so glad that Governor Brown is going to once again affixed his signature to another great proposal that the governor has long provided for this great state when he spoke at a panel at Georgetown or at a Georgetown panel they said what was the most significant development we’ve had in recent history to improve California’s finances and I said clearly it’s Governor Brown so Governor Brown from making sure that we fix the financial house to making sure that we reach out to Main Street California providing retirement security for the good hardworking people of California thank you for your incredible leadership in service so this this is a very auspicious day it’s an important step because millions of California workers don’t have any kind of retirement the employers don’t provide a retirement package so this is a step forward and it’s also something very important in today’s age of spend now worry about it later this is save now and prepare for later and we’re in an age of instant gratification and the advertising reinforcing us or inducing us always to spend everything we had then borrow more and keep spending this is an opportunity to save creating a framework that will build over time with the investments that will be made it’s a good it’s really good all the way around it’s important it’s gonna take a while to get it right but it is recognizing the fact that more and more people are getting old some have to retire long before I intend to retire so I probably don’t need a retirement package when I run for lieutenant governor that is a joke well the finally date still is a long way away anyway this is this is good kevin has been pushing this thing against some skepticism and we got a lot of work to do but again California’s taking a bold step and there’s no doubt there’s millions of people who aren’t saving enough and now they’re going to dedicate what might have been current consumption for delayed consumption in the form of a retirement program very very important

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