California to Offer State-Run Private Pension Plan

Up to 6.3 mln workers without employer-provided pension plans could participate.

California Governor Jerry Brown signed a law Friday that permits as many as 6.3 million private workers without a pension plan to set aside retirement money to be managed by the state.

It is the first state-run pension program for nongovernment employees and may add as much as $6.6 billion to funds managed by the California Public Employees’ Retirement System, the biggest U.S. pension. Calpers, as the fund is known, has assets of $242 billion.

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