Nearly 7 million California workers will be automatically enrolled in a retirement savings account under legislation Gov. Jerry Brown signed Thursday in an attempt to address growing fears that many workers will be financially unprepared to retire.
The legislation creates a state-run retirement program for workers who don't have an employer-sponsored plan, many of them working in lower-wage positions. It requires employers to automatically enroll their workers and deduct money from each paycheck, though workers can opt out or set their own savings rate. The account could also be carried from job to job.
Supporters of the concept hope that requiring workers to affirmatively...
Gov. Jerry Brown discusses his proposed tax initiative during his appearance at the 87th annual Sacramento Host Breakfast.