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March 11, 2020 at 03:52 PM
(Photo: Thinkstock)
A federal court has dismissed a lawsuit challenging the California Secure Choice Retirement Savings (CalSavers), which provides access to retirement savings to residents who aren’t offered one at work.
The U.S. District Court for the Eastern District of California found that CalSavers is not pre-empted by the Employee Retirement Income Security Act of 1974 (ERISA) which was the argument posed by the conservative tax group that brought the suite.
“The Court finds that CalSavers is neither an employee benefit plan nor does it relate to an ERISA plan. On these grounds, the Court concludes that CalSavers is not preempted by ERISA and accordingly, Defendants’ Present Motion is granted,” said U.S. District Judge Morrison C. England.
(Related: California Launches Retirement Savings Program for Employees Without One)
“We are very pleased with the Court’s ruling,” said California State Treasurer Fiona Ma, in a statement. “There is no reason to deny millions of hardworking Californians access to this savings program when the alternative is to see them work until they drop, or suffer the hardships that come with little to no savings.” Ma’s office oversees the CalSavers program.
