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California Considers Retirement Plan for Private Workers (PlanSponsor.com)
State Senate OKs measure to set up state plan for workers whose companies don’t offer retirement plan.
The California Senate has approved a bill that would set up a state retirement plan for private-sector workers whose employers do not offer a plan. The measure envisions a retirement plan that would guarantee employees a rate of return tied to U.S. Treasury 30-year bonds. Employers would be required to channel employee contributions to the retirement plan through their payroll systems.
Separately, InvestmentNews reports that retirement industry organizations are lobbying against the measure, and the L.A. Times discusses the possible risks that such a program would entail.