The idea would be to use myRA for up to three years while the state tackles the myriad challenges of launching its own platform, said Dan Reeves, chief of staff for Kevin de León, president pro tempore of the California State Senate, who sponsored the California legislation.
A key task will be selection of a private sector financial services firm to administer the accounts. A U.S. Treasury department representative confirmed the department has been talking with California about its possible use of myRA.
A partnership between California - the most populous state in the nation - and the federal government would mark a huge expansion of myRA, which currently has just 15,000 account holders, according to the Treasury representative. California’s initial 1.6 million accounts are expected to accumulate more than $3 billion in assets during the first year of operation, expected to be 2018.
California Secure Choice will begin by enrolling workers at companies with more than 100 employees, gradually phasing in workers at smaller firms (those with more than five workers) over a three- or four-year period. A total of 6.8 million workers will be eligible - 55 percent of the state’s private-sector workforce.
The plan will be an IRA - most likely a Roth. Employers are not required to contribute; employees would contribute through payroll deductions to Secure Choice accounts. The plan's investments would be professionally managed, and geared to produce conservative returns tied to Treasury bond rates. The default contribution rate is expected to be 3 percent of wages.
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