Republicans in Congress torpedo “Retirement savings for all”

California’s grand plan to extend retirement security to millions of workers, a cornerstone of the economic agenda put forward by state Democrats, is looking a little bit less secure.

That’s because Republicans in the U.S. Senate voted on Thursday to roll back a little-known Barack Obama administration regulation, putting California’s Secure Choice Retirement Savings Program in jeopardy.

For years, state Democrats have been constructing the Secure Choice system, which would automatically enroll private-sector workers who aren’t offered workplace pensions or 401(k)s into a state-administered retirement savings plan.

The Senate follows the lead of the House, which passed the resolution last month, over the objections of state Gov. Jerry Brown. The vote to nix the regulation — and thus imperil the California plan — reflected a near party-line split in Congress, with all 15 California House Republicans voting against the regulation.

The White House has promised that President Donald Trump will sign the bill,.

The American Association of Retired Persons, which has been a strong advocate for these plans across the country, said it was “deeply disappointed with the Senate vote discouraging local flexibility to offer workplace savings for the 55 million Americans who currently lack access to retirement savings plans at work.”

Read the whole story in the Mercury News


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