Bill
AB 1365
Overview: AB 1365 establishes the CalAccount Program, a state-administered retirement savings program for private-sector workers.Purpose and Intent: The bill aims to increase retir
Overview: AB 1365 establishes the CalAccount Program, a state-administered retirement savings program for private-sector workers.
Purpose and Intent: The bill aims to increase retirement savings and security for Californians who lack access to employer-sponsored retirement plans.
Key Provisions:
- Creates the CalAccount Program, a state-run retirement savings program
- Requires private-sector employers without a retirement plan to automatically enroll their employees in CalAccount, with an option to opt-out
- Establishes a CalAccount Board to oversee the program's administration and investment options
- Allows for automatic payroll deductions and portability of CalAccount funds between jobs
Affected Parties and Impacts: Private-sector workers in California without access to employer-sponsored retirement plans will be the primary beneficiaries, gaining a new opportunity to save for their retirement.
Procedural and Timeline Considerations: AB 1365 is currently in committee and has been held under submission, indicating further deliberation and potential amendments before moving forward.
Compiled from official sources — confirm details with the bill’s official record.
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