Attorney General No.
SA2005RF0061
Secretary of State No.
1127
Description
Creates new defined benefit retirement plan for private sector workers, including part time and seasonal workers. Funded by mandatory employer fees and voluntary worker contributions; exemption for certain employers. Employer fee based on number of employees, needs of program. Employee contribution approximately 4% of wages. Service credit for work for all employers up to 2,000 hours annually; partial credit for employment before January 1, 2005. Separate benefit categories for regular and safety members, broadly defined. Reduced benefits for employees who decline to contribute. Creates California Employee Retirement Board to administer retirement plan. Summary of estimate by Legislative Analyst and Director of Finance of fiscal impact on state and local governments: Net reduction in state revenues, potentially in the range of $1 billion annually. Unknown annual state and local governmental costs as a result of the measure.
Proponents
Richard Holober
Date
3-23-2005
Document Type
Initiative
Qualified
Failed to Qualify
Recommended Citation
Defined Benefit Retirement Plan. Private Sector Employees. Initiative Statute. California Initiative 1127 (2005).
https://repository.uclawsf.edu/ca_ballot_inits/1285