Posts Tagged: IRA

Surfing, political advertising and The Troubles: A chat with Sean Duggan

Sean Duggan with an Irish local

by Tim Foster posted 08.28.2023

CAPITOL WEEKLY PODCAST: Last week, ‘Keep It A Secret,’ a documentary that tells the story of the pioneers of surfing in Ireland, premiered on Irish television following a spate of film festival appearances. If the reviews are any indication, the film is headed for success. This is all heady news for first-time director Sean Duggan, who made the film in his spare time while working as the vice president of political advertising for Sirius XM.

CalSavers enforcement, enrollment deadlines fast approaching

Image by Hidesy via Shutterstock

by BY SARAH CHUNG posted 04.24.2023

CalSavers Executive Director Katie Selenski says small businesses not yet in compliance with a state deadline to sponsor retirement plans for their workers will start receiving enforcement notices by the end of this month.

‘Federal Inflation Reduction Act’ is big boon to California

A photo illustration of an inflation-ravaged dollar. (Image: SERSOLL, via Shutterstock)

by JOSHUA AALCIDES posted 09.13.2022

California is poised to benefit strongly from the federal Inflation Reduction Act, a massive, hard-fought and newly passed package meant to address healthcare, climate change and myriad other issues across the county.

New state-run IRA for private sector opens July 1

The state Treasurer's headquarters in Sacramento, where CalSavers is based. (Photo: Kit Leong, via Shutterstock)

by ED MENDEL posted 06.18.2019

A new state workplace retirement savings program, CalSavers, will open to an estimated 250,00 to 300,000 employers on July 1 — offering an automatic IRA payroll deduction for the 7.5 million California workers with no retirement plan on the job. The massive program, expected to handle billions in savings, is voluntary for employees.

Calpensions: President Obama said he has directed his labor department to propose rules showing states how to create what in California could be an “automatic IRA,” a payroll deduction that puts money into a tax-deferred savings plan unless workers opt out. The rules are expected to answer a key question: Is Secure Choice exempt from a federal retirement law, ERISA, that not only has employer administrative costs but may also expose employers to liability for failed investments and other problems?

It had a name, Secure Choice, and now an attempt to create the first state-run “automatic IRA” for workers with no retirement plan has its first donors, authorization to hire consultants and a favorable response from a wide range of groups asked for advice. The author of the program, Sen. Kevin de Leon, D-Los Angeles, may become the next leader of the state Senate. So the plan being developed by a nine-member board could have a strong advocate when it comes back to the Legislature for approval.