2/24/2012

Private-sector workers in California who don't have access to work-based retirement plans would be automatically enrolled in a state-run savings program, under a proposal by Sen. Kevin De Leon. The plan calls for directing 3% of a worker's salary into a cash-balance account, which a state board would oversee. De Leon says the plan, revised from prior versions to address criticisms, would help middle-income seniors who are likely to live in or near poverty during retirement.

Related Summaries