California

California Creates First State-Run Private Pension Plan

Yes, it has a guaranteed return

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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.

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