The State of State Retirement Plans: The Golden State Launch

There are three state run retirement plans that are now live.  Despite the fact they have been in the news, there are still a lot of questions about what they are, how they work and how they impact employers and employees who already have a 401(k) or other workplace retirement plan.  To help provide some information and clear up misperceptions I am excited to have Katie Selenski, the Executive Director of CalSavers, the newly launched California state retirement plan join on the podcast.  During our conversation, Katie takes care of the basics and also shares the highlights of some research they did when preparing to launch their plan, some of which might be a bit surprising and other points could help employers with some decisions about their own retirement plans.  We also discuss the profile of the businesses that will benefit from state plans, how wage theft laws provide some protection to employees who participate in them, whether there might be a national plan at some point in the future and what's next for state plans.   As we did on last week's episode, Katie answers a written bonus question, we have a full episode transcript,  how to get in touch with Katie and more on the website.  You can find that by going to www.401kfridays.com/calsavers2019.   Guest Bio Katie Selenski was appointed in 2017 by the California State Treasurer to serve as the first Executive Director of the California Secure Choice Retirement Savings Investment Board which operates CalSavers, the state's pioneering retirement savings program. The program will provide a path to retirement security for millions Californians who currently lack access to a retirement savings vehicle at work. Prior to taking the helm at CalSavers, Ms. Selenski was the State Policy Director for pension policy at The Pew Charitable Trusts in Washington, D.C., where she managed Pew's efforts to help fiscally distressed states and cities undertake data-driven pension system improvements.  Previously, she was a senior manager with the nonpartisan public sector consulting firm Harvey M. Rose Associates, based in San Francisco, where she advised policymakers on a wide array of budget, management, and policy matters, including pensions. She has also worked as a municipal bond rating analyst, a legislative fellow in the California Assembly, and the director of an historic statewide nonpartisan youth voter turnout initiative. Ms. Selenski is a member of the advisory board of the Aspen Institute's Leadership Forum on Retirement Savings. She is a graduate of the University of Chicago and the John F. Kennedy School of Government at Harvard University. 401(k) Fridays Podcast Overview Struggling with a fiduciary issue, looking for strategies to improve employee retirement outcomes or curious about the impact of current events on your retirement plan? We've had conversations with retirement industry leaders to address these and other relevant topics! You can easily explore over 150 prior on-demand audio interviews here. Don't forget to subscribe as we release a new episode each Friday!