California could become the first state to make retirement savings accounts an almost-universal benefit for workers with a new plan, reports the Los Angeles Times.
On Monday, a state board called for the creation of the California Secure Choice Retirement Plan, essentially a 401(k) plan operated by the state, that would be open to private-sector workers whose employers don’t offer a retirement savings plan. The plan would cover about a third of California’s workforce, an estimated 6.8 million workers.
