Pensions now available to all workers in CA
Saying it offers the promise of retirement security for millions of Californians, Gov. Jerry Brown signed sweeping legislation Thursday that creates a state-managed savings program for private-sector workers without one.
The Democratic governor told a roomful of supporters that the California Secure Choice Retirement Savings Program is “very important in today’s age of spend now, worry about it later.”
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Experts estimate that almost one-half of middle-income workers are at risk of falling into poverty when they retire. Monthly checks from the federal Social Security program increasingly fall short of covering seniors’ costs in retirement.
The Secure Choice program, supporters say, would take advantage of economies of scale to automatically put a share of workers’ wages into a retirement fund at low cost, unless they opt out. Proponents said it offers the most significant enhancement of retirement security since federal lawmakers approved Social Security during the Great Depression of the 1930s.
Read more here: http://www.sacbee.com/news/politics-government/capitol-alert/article104911716.html#storylink=cpy
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If people don't feel compelled to stick to a particular job because it provides a pension and health coverage, they are more apt to start a small business.
It will create jobs and reduce poverty.
