Letters: Retire this retirement idea

Re “California is moving ahead with retirement plan idea,” Business, Oct. 6

It seems that SB 1234, which sets up a state-managed retiree fund for private workers, will result in a new state bureaucracy that does not offer anything new.

Most, if not all, of the people who would be eligible for this state-run retirement plan already qualify for the federal IRA investments. The administrative costs will also be higher than a basic index equity fund. If these low-wage earners are not making retirement investments now, what does the new program have that would change this?

Kirk Norenberg

Redondo Beach

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