2009 California Legislative Agenda of the Asset Building Program

In Califonia's current legislative session, the Asset Building Program is advancing a comprehensive legislative package of state policy intiatives to broaden savings and ownership opportunities for Californians.

Watch the video for a quick overview of AB 125 (described below), as this important piece of legislation is once again making its way through the Legislature.

Assembly Bill 125 (De Leon) California Employees' Savings Program

This measure creates a voluntary, universal, portable retirement savings account for California workers who do not have access to a retirement savings plan at their workplace. The account supplements the current employer-based system and Social Security. It promotes expanded retirement security for working Californians by making it easier for them to save through payroll deduction while providing small businesses a basic retirement savings plan to offer their employees.

Assembly Bill 325 (Beall) California Working Families Economic Stimulus Act

This measure seeks to draw down millions in unclaimed 100% federally-funded Earned Income Tax Credit (EITC) dollars for working families by designating the Department of Community Services and Development as the lead agency to administer the (EITC) outreach options specified in the Department of Social Services report due out in 2009.

Assembly Bill 550 (Lieu) California Financial Literacy Initiative

This measure creates a financial literacy program in the office of the Controller funded by a financial literacy fund established in the Office of the Treasurer. It represents a much-needed commitment by the state to start addressing the root causes of personal financial struggles precipitated by a lack of consumer financial education and codifies the state's financial interest in reducing consumer debt and bolstering personal savings.

Assembly Bill 1058 (Beall & Fuentes) California Workforce Mobility and Savings Initiative

This measure repeals the $2,000 asset limit in CalWORKs for current recipients and eliminates the $4,650 vehicle limit from CalWORKs eligibility rules to encourage low-income families to build the savings they need to permanently exit CalWORKs. The eligibility rules currently penalize low-income families for saving with a reduction or loss of benefits, thereby discouraging families from building the personal safety net they so desperately need to climb out of poverty and become self-sufficient. 

Senate Bill 323 (Oropeza) Tax-Time College Savings

This measure creates an easy way for California families to save for college by amending the state income tax form to allow filers to directly deposit their refund into an existing state-administered tax-advantaged 529 college savings account designed to help children and their families save for postsecondary education.