MOU Fiscal Analysis: Bargaining Unit 6 (Corrections)

Sep 7, 2023 - Creation of Employer Funded Contributions to 401(k). Effective with the November 2024 pay period, the agreement would provide that the state make a one-time contribution of $475 to a Savings Plus 401(k) plan on behalf of all permanent full-time employees who are active as of November 1, 2024.
https://lao.ca.gov/Publications/Report/4800

Savings Plus Program: An Optional Retirement Benefit for State Employees

Mar 14, 2017 - Beginning in 2013, state employees have two account options within each plan — “traditional ” or “Roth ” —that affect when they pay taxes on the money that is invested in either their 401(k) or 457(b) plans.
https://lao.ca.gov/Publications/Report/3616