California May Develop First State-Run Retirement Program for Private Sector
Jerry Brown, Jr.
The state of California has US$ 617 billion in public debt; furthermore, California has higher per capita debt than the national average.
This new board is tasked to create a plan that would automatically withhold 3% of workers’ pay without any type of employer sponsored retirement plan into a retirement account. The account would be portable. California employees would have to opt out of the plan or the deductions would become automatic. Plan participants would have to sign a liability waiver stating that California would not be liable for losses.
Who will manage the money?
In the legislation it calls for the 3% contributions to be managed by the California Public Employees’ Retirement System (CalPERS) for a fee, the CA State Treasurer, and/or a private manager. This will be determined by the investment board.
California Secure Choice Retirement Savings Investment Board Composition
- California State Treasurer
- California State Controller
- CA State Director of Finance (designee)
- Expert in Retirement Savings and Investments (Appointed by the CA Senate Committee on Rules)
- Small Business Representative (Appointed by CA Governor)
- Public Member (Appointed by CA Governor)
- Employee Representative (Appointed by CA Speaker of the Assembly)
The Blackstone Group threw in the towel on a bid to take over the Investa Office Fund, a vehicle that owns prized Australian office properties. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]
Singapore’s Temasek Holdings, through its subsidiary Temasek Financial (IV) Private Limited, is planning a 5-year bond that aims to yield 2.7% for retail investors. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]
The Qatar Investment Authority (QIA) became the biggest shareholder of Inmobiliaria Colonial, SOCIMI, S.A. (Colonial), a Spanish listed real estate company. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]
-
2 weeks agoPress Release – Public Investor 100 Rankings Released for 2018
-
2 weeks agoIntercontinental Exchange Finalizes Acquisition of Mortgage Data Company
-
2 weeks agoInstitutional Investors Experience Bifurcation of Chinese Private Equity
-
2 weeks agoPIMCO Acquires Gurtin Municipal Bond Management
-
1 week agoNorway GPFG Could Get New Ownership Structure
-
2 weeks agoCorona Cop Wins CalPERS Board Seat over Board President
-
2 weeks agoMapletree Acquires 37 Logistics Properties from Prologis Norway SWF JV
-
2 weeks ago$100 Oil Can Change the Saudi Sovereign Wealth Fund Paradigm