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Download PDF
July 2019
Dear friends,
When that greatly anticipated date of your retirement finally arrives will you be ready?
CalSavers, California’s state-sponsored retirement savings program for private sector workers, can put you in the position to answer that question with a confident, “Yes.”
Launching July 1, CalSavers is California’s best answer to the retirement crisis that threatens to leave far too many workers empty handed later in life – just because they happen to lack access to a savings program through their workplace.
This is no small matter. Over half of working Californians lack such access and a vast number are minorities.
Now, with CalSavers, millions of these California workers will have access to a simple, convenient way to save for their futures.
CalSavers allows employers to help employees save for retirement in a way that does not cost a company a single penny in fees. This can be important to small companies in particular.
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ABCs of the BCAs – Helping Working Californians Save for Their Retirement Years
CalSavers
Younger workers can become so focused on finding affordable housing, paying off student loans, and advancing their careers that they delay retirement planning. They might not even notice when they are not offered a retirement savings plan at work.
California is changing that with CalSavers.
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Heart of The Treasury
Justin Gustafson, is an office technician for the California Alternative Energy and Advanced Transportation Financing Authority (CAEATFA). He regularly goes above and beyond what is required. He takes each task seriously, wearing a smile as he gives his best effort.
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Ask the Treasurer
Dear Fiona,
My former employer mailed my last paycheck to the wrong address, so I never received it. When I contacted them, they told me that the money was turned over to the state.
How can I claim my money?
– Eric
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Top Billing
A monthly update on key legislation for Treasurer Ma
529 ScholarShare Tax Deduction on State Income Taxes
Assembly Bill 211, Ian Calderon (D-Whittier)
https://a57.asmdc.org/
Provides a state income tax deduction for those who contribute to a California ScholarShare 529 account, not to exceed $5,000 for single taxpayers, or $10,000 for joint filers. (Amended in Appropriations to include salary caps of $75,000 for single taxpayers and $150,000 for joint filers.)
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The Vault
Calendar of recent and upcoming public finance activities and bond sales
Week of July 8
Trustees of the California State University Systemwide Revenue Bonds Series ($800 million)
The bonds will provide money for various projects throughout the university system. Also includes remarketing of previously issued bonds.
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Calendar of Upcoming BCA Events
Boards, Commissions and Authorities (BCAs) within the State Treasurer’s Office
July 17 – CDLAC Board Meeting
1:30PM | 915 Capitol Mall, Room 587, Sacramento, CA 95814
Public Participation Via Phone: (888) 557-8511 Code: 5651115
https://www.treasurer.ca.gov/cdlac/meeting/index.asp
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The Ma Squad
Photos of Treasurer Fiona Ma on the Road
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With Lt. Governor Eleni Kounalakis and Diploma Dog during a visit to the Capitol to promote saving for college through the state’s ScholarShare 529 plan.
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In Hacienda Heights with KCAL Insurance Agency hosting the first small business seminar to feature a simultaneous Chinese language translation.
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With Chula Vista Mayor Mary Salas to present a check for $10,000 for library books and other learning aids to Castillas Elementary. The Treasurer has visited 20 schools and distributed $305,000.
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Chairing the California Green Bond Market Development Committee at U.C. Berkeley’s Center for Environmental Public Policy.
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Treasure Ma with senior staff members in Riverside, the first stop on a 10-city swing through the state to develop ideas with stakeholders about how to revamp regulations that determine tax credits for affordable housing developments.
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Public tours of your state Capitol are conducted each week,
every hour during business hours.
Just show up at Room B-27! For more details, call (916) 324-0333.
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