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On Sept. 28, 2012, California Governor Jerry Brown signed legislation that will create the nation’s first state-run retirement plan for private sector employees. The legislation, Senate Bill 1234, establishes the California Secure Choice Retirement Savings Trust for more than 6 million low-income, private sector employees whose employers do not offer retirement plans.
The plan will require all employers with more than five employees to withhold 3 percent of employees’ pay unless employees opt out of the plan. The new retirement plan is designed to supplement Social Security and provide low-income workers with a portable savings plan with a guaranteed return. The plan will be administered by a board chaired by the state treasurer, which will select either a private investment firm or the state’s public pension system to invest and maintain the plan’s funds.
Source: Barnes and Thornburg, LLC
If you don't like change, your’re going to like irrelevance even less.” This 2003 quote from General EricShinseki, chief of staff, U.S. Army, exemplifies the spirit of NAEDA’s leadership when they amended the association’s bylaws in September 2013. Let’s work together to embrace and initiate change within the association rather than wait and react to external changes.
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