Nearly 7 million Californians will be automatically enrolled in state-run retirement savings plan under new law

Nearly 7 million workers for California companies will be automatically enrolled in a new state-run retirement program under a bill signed Thursday by Gov. Jerry Brown.

The law requires all California companies with at least five employees to enroll their workers in the new California Secure Choice Retirement Savings Program if they do not offer their own retirement savings plan.

State Senate leader Kevin de León (D-Los Angeles), who wrote the bill, called it the “largest expansion of retirement security since the New Deal.”

“This bill is about personal responsibility,” he said. “The retirement insecurity crisis is looming on the near horizon.”

Go to Source