California Advances Private Sector Retirement Plan Without Feds

By Guy Marzorati, KQED News Fix/The California Report

California officials vowed to move ahead with a retirement savings program for the state’s private sector workers, a day after losing the federal government’s support for the initiative.

Senate President Pro Tem Kevin de Leon and State Treasurer John Chiang said Thursday that the state will still enact the Secure Choice program, authorized last year, that will create retirement accounts for nearly 6.8 million Californians. De Leon criticized opponents of the plan as representing the interests of large banks and brokerage firms.

Read the complete story at KQED News Fix/The California Report.