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California Creates First State-Run Private Pension Plan

California Gov. Jerry Brown signed legislation Friday that will create the nation's first state-run retirement savings program for private-sector workers, over the objection of critics who said it creates a new liability for taxpayers.

The bill will establish the California Secure Choice Retirement Savings Program for more than 6 million lower-income, private-sector workers whose employers do not offer retirement plans.

Source: AP. Read full article. (link)

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  • Sevo||

    "State Sen. Kevin De Leon, D-Los Angeles, introduced the bill earlier this year in response to what he called the "looming retirement tsunami" as millions of lower-wage workers face financial hardship in their retirement years."

    Well, there *is* a problem with retirement benes, but that ain't it.
    CA dem legislator; pretty sure nothing more needs saying.

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