California voters will now have the opportunity to protect their retirement and savings accounts from new state taxes

Sacramento, CA — The Retirement & Personal Savings Protection Act officially qualified for the 2026 ballot today, giving Californians the opportunity to vote this November to protect their retirement and personal savings from any new state taxes. With California’s high taxes and cost of living putting retirement further out of reach, the Act provides needed protections to help ensure the money people worked hard to earn and save will be there when they need it.

The measure is supported by a diverse and growing coalition of seniors, labor, small business, veterans, public safety, taxpayer advocates, and financial advisors groups across California, including the State Building and Construction Trades Council of California, the California Senior Alliance, the California Small Business Association, Disabled American Veterans, Department of California, the California Multicultural Business Alliance, and the Peace Officers Research Association of California amongst others.

The measure comes at a time when voters are increasingly worried about their financial security, as evidenced in a recent statewide survey by FM3 Research.

The survey found:

• 85% of California voters said the state’s high cost of living and taxes are making it harder to save for retirement
• 80% said stronger protections are needed against new taxes on retirement savings.
• 73% of California voters know someone who has had to delay retirement for financial reasons.

“Veterans earned their benefits through years of service to our country,” emphasized Past  Commander Armando Hernandez, Disabled American Veterans, Department of California. “Disabled Veterans often face higher medical expenses and limited income, making retirement and savings accounts critical to supporting them and their families. The Retirement and Personal Savings Protection Act will safeguard the savings veterans depend on.”

“The State Building Trades has consistently advocated for fair wages, strong benefits, and retirement security for working families,” said Chris Hannan, President of the State Building and Construction Trades Council of California. “Our members have earned their retirement through a lifetime of hard work, and they should not have to worry that new taxes will threaten the financial stability they have built. This measure protects their retirement savings, as well as the savings of all Californians who have planned responsibly for the future.”

As families struggle to keep up with rising costs, recent legislative proposals have raised serious concerns about the future of retirement security in the state. Politicians have tried repeatedly to pass taxes on retirement and personal savings accounts, including AB 2088 (2019), AB 310 and ACA 8 (2021–22), and AB 259 and ACA 3 (2023–24).

“California is already a tough place for small businesses to survive,” said Mike Hedges, President of the California Small Business Association. “Rising rent, energy bills, payroll, and existing taxes leave many mom-and-pop shops struggling to make ends meet. This measure offers much-needed relief by stopping politicians from imposing new taxes on the mere ownership of small businesses, which will help local businesses keep their doors open.”