Bill addresses pensions at small firms
California would manage retirement plans for employees of small businesses under a bill proposed by the Assembly’s assistant majority leader and backed by Gov. Arnold Schwarzenegger.
The program would be administered by the California Public Employees’ Retirement System and would be open to employees of businesses without retirement plans. The state would be the first to implement such a program, according to material provided by Assemblyman Kevin de Leon (D-Los Angeles), the bill’s author.
The measure could place California in competition with the Wall Street companies and banks that run individual retirement accounts.
About 6 million, or 41%, of the state’s workers aren’t offered retirement plans.
Get the L.A. Times Politics newsletter
Deeply reported insights into legislation, politics and policy from Sacramento, Washington and beyond. In your inbox three times per week.
You may occasionally receive promotional content from the Los Angeles Times.
