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.

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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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.

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