Thank you for your comments on the new California retirement savings plan. I was not aware of S.B. 923, nor did the legislative staff mention it to me. Thanks for bringing it to my attention. However, it was made clear in the legislative counsel’s digest summarizing SB 1234, and as I tried to make it clear in the blog, several steps need to be taken before the retirement program would be put in place, primarily that it qualify for favorable tax treatment under the Internal Revenue Code and ERISA. Legislative staff, as I noted in the blog, has already met with the federal agencies in taking those first initial steps. It follows that there would be no need to establish an investment board if there were adverse federal rulings, which I suspect is the rationale behind legislative approval of SB 923.