Calif. creates state-sponsored retirement plan
By Alejandro Lazo and Anne Tergesen, Wall Street Journal
Gov. Jerry Brown approved a bill creating state-sponsored retirement plans for about 6.8 million Californians who don’t have them through their private employers.
The nation’s most populous state becomes the eighth state to establish such a program.
The AARP estimates about 55 million full- and part-time private-sector workers in the U.S. lack access to retirement-plan coverage through work. States have been filling in that gap by creating such plans.