The California Senate has approved a bill that would set up astate retirement plan for private-sector workers whose employers donot offer a plan. The measure envisions a retirement plan thatwould guarantee employees a rate of return tied to U.S. Treasury30-year bonds. Employers would be required to channel employeecontributions to the retirement plan through their payrollsystems.

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Separately, InvestmentNewsreports that retirement industry organizations are lobbying againstthe measure, and the L.A. Times discusses the possible risks that such a programwould entail.

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Full PlanSponsor.com story.

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Susan Kelly

Susan Kelly is a business journalist who has written for Treasury & Risk, FierceCFO, Global Finance, Financial Week, Bridge News and The Bond Buyer.