PRESS RELEASE

04/08/2008   GAAS:167:08   FOR IMMEDIATE RELEASE

Gov. Schwarzenegger Issues Statement Regarding Legislation to Help More Californians Save for Retirement

Governor Arnold Schwarzenegger today issued the following statement regarding AB 2940, legislation that allows small businesses and workers to set up individual retirement accounts (IRAs) through CalPERS if they currently do not have pensions or retirement accounts through their jobs:

"Having a financially secure retirement is part of the American Dream and this bill will help that dream come true for millions of hard-working Californians and their families.

"This legislation will help make businesses more competitive, without costing them anything, and will help employees save for their retirement, without costing taxpayers anything either. It is a great example of doing emore with less' to help California businesses and hard-working employees. This really is a win-win for everyone and it will make our small businesses and our employees financially stronger."