CalPERS Responds to the National Institute on Retirement Security - Financial Security Scorecard Report
March 5, 2014
The National Institute on Retirement Security released a report on Tuesday that evaluates the economic pressures facing retirees across the nation. The focus of the report is on three areas that impact the financial position of future retirees. California was one of the three lowest ranked states on an overall basis that considered retirement income, retiree costs and labor market conditions for older adults.
The challenges that this report highlights are complex and interweave state and national governmental issues with private sector issues. This report can help set the stage for necessary and very difficult discussions about the economic stability of retirees, now and in the near future.
California took an important step to address these issues with the establishment of the California Secure Choice Retirement Savings Program. If implemented, the Secure Choice program would provide a voluntary retirement savings plan for an estimated 6.3 million California workers.
CalPERS is committed to addressing these important issues and we look forward to participating in the discussions that focus on practical retirement security solutions for our nation.