With California move, mandatory worker retirement plans gain momentum
<p><span word="The">The</span> <span word="movement">movement</span> <span word="to">to</span> <span word="require">require</span> <span word="employers">employers</span> <span word="to">to</span> <span word="offer">offer</span> <span word="retirement">retirement</span> <span word="plans">plans</span> <span word="to">to</span> <span word="their">their</span> <span word="workers">workers</span> <span word="just">just</span> <span word="took">took</span> <span word="a">a</span> <span word="big">big</span> <span word="leap">leap</span> <span word="forward">forward</span>.</p><p><span word="California">California</span> <span word="Governor">Governor</span> <span word="Jerry">Jerry</span> <span word="Brown">Brown</span> <span word="signed">signed</span> <span word="legislation">legislation</span> <span word="last">last</span> <span word="week">week</span> <span word="launching">launching</span> <span word="the">the</span> <span word="state">state</span>’<span word="s">s</span> <span word="Secure">Secure</span> <span word="Choice">Choice</span> <span word="plan">plan</span> - <span word="a">a</span> <span word="government">government</span>-<span word="sponsored">sponsored</span> <span word="retirement">retirement</span> <span word="savings">savings</span> <span word="vehicle">vehicle</span> <span word="that">that</span> <span word="would">would</span> <span word="be">be</span> <span word="offered">offered</span> <span word="to">to</span> <span word="employees">employees</span> <span word="of">of</span> <span word="most">most</span> <span word="companies">companies</span> <span word="that">that</span> <span word="do">do</span> <span word="not">not</span> <span word="have">have</span> <span word="their">their</span> <span word="own">own</span> <span word="workplace">workplace</span> <span word="retirement">retirement</span> <span word="plan">plan</span>.</p><p><span word="California">California</span> <span word="is">is</span> <span word="the">the</span> <span word="seventh">seventh</span> <span word="state">state</span> <span word="to">to</span> <span word="enact">enact</span> <span word="a">a</span> <span word="plan">plan</span>, <span word="and">and</span> <span word="it">it</span> <span word="will">will</span> <span word="be">be</span> <span word="the">the</span> <span word="largest">largest</span> <span word="by">by</span> <span word="far">far</span> <span word="in">in</span> <span word="the">the</span> <span word="nation">nation</span>. <span word="The">The</span> <span word="green">green</span> <span word="light">light</span> <span word="marks">marks</span> <span word="a">a</span> <span word="major">major</span> <span word="expansion">expansion</span> <span word="of">of</span> <span word="government">government</span>-<span word="sponsored">sponsored</span> <span word="retirement">retirement</span> <span word="plan">plan</span> <span word="coverage">coverage</span> <span word="in">in</span> <span word="the">the</span> <span word="United">United</span> <span word="States">States</span> - <span word="the">the</span> <span word="plan">plan</span> <span word="is">is</span> <span word="expected">expected</span> <span word="to">to</span> <span word="cover">cover</span> 1.6 <span word="million">million</span> <span word="workers">workers</span> <span word="in">in</span> <span word="the">the</span> <span word="first">first</span> <span word="year">year</span> <span word="alone">alone</span>; <span word="ultimately">ultimately</span>, 6.8 <span word="million">million</span> <span word="will">will</span> <span word="be">be</span> <span word="eligible">eligible</span>.</p><p><span word="The">The</span> <span word="states">states</span> <span word="taking">taking</span> <span word="action">action</span> <span word="are">are</span> <span word="alarmed">alarmed</span> <span word="at">at</span> <span word="the">the</span> <span word="prospect">prospect</span> <span word="of">of</span> <span word="large">large</span> <span word="numbers">numbers</span> <span word="of">of</span> <span word="their">their</span> <span word="citizens">citizens</span> <span word="headed">headed</span> <span word="toward">toward</span> <span word="retirement">retirement</span> <span word="with">with</span> <span word="little">little</span> <span word="or">or</span> <span word="no">no</span> <span word="savings">savings</span> - <span word="in">in</span> <span word="part">part</span> <span word="because">because</span> <span word="roughly">roughly</span> <span word="half">half</span> <span word="have">have</span> <span word="no">no</span> <span word="access">access</span> <span word="to">to</span> <span word="a">a</span> <span word="workplace">workplace</span> <span word="retirement">retirement</span> <span word="plan">plan</span>.</p><p><span word="But">But</span> <span word="California">California</span>’<span word="s">s</span> <span word="move">move</span> <span word="also">also</span> <span word="could">could</span> <span word="also">also</span> <span word="give">give</span> <span word="a">a</span> <span word="major">major</span> <span word="boost">boost</span> <span word="to">to</span> <span word="the">the</span> <span word="Obama">Obama</span> <span word="administration">administration</span>’<span word="s">s</span> <span word="efforts">efforts</span> <span word="to">to</span> <span word="expand">expand</span> <span word="coverage">coverage</span> <span word="for">for</span> <span word="workers">workers</span> <span word="at">at</span> <span word="the">the</span> <span word="national">national</span> <span word="level">level</span>. <span word="Late">Late</span> <span word="last">last</span> <span word="year">year</span>, <span word="the">the</span> <span word="administration">administration</span> <span word="launched">launched</span> <span word="the">the</span> <span word="myRA">myRA</span> <span word="platform">platform</span> <span word="as">as</span> <span word="a">a</span> <span word="federally">federally</span> <span word="sponsored">sponsored</span> <span word="starter">starter</span> <span word="IRA">IRA</span> <span word="for">for</span> <span word="workers">workers</span> <span word="just">just</span> <span word="beginning">beginning</span> <span word="to">to</span> <span word="develop">develop</span> <span word="the">the</span> <span word="retirement">retirement</span> <span word="savings">savings</span> <span word="habit">habit</span>. <span word="In">In</span> <span word="August">August</span>, <span word="the">the</span> <span word="California">California</span> <span word="legislature">legislature</span> <span word="agreed">agreed</span> <span word="to">to</span> <span word="add">add</span> <span word="language">language</span> <span word="to">to</span> <span word="the">the</span> <span word="legislation">legislation</span> <span word="that">that</span> <span word="adds">adds</span> <span word="myRA">myRA</span> <span word="as">as</span> <span word="an">an</span> <span word="option">option</span> <span word="for">for</span> <span word="consideration">consideration</span> <span word="by">by</span> <span word="the">the</span> <span word="Secure">Secure</span> <span word="Choice">Choice</span> <span word="board">board</span>.</p>
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