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New State-Sponsored Retirement Plan Options Now Available To California Employers

California has launched a state-sponsored retirement plan, particularly targeting employers who don't have retirement plan options for their workers.  More from KVCR's Ken Vincent.

It's part of a state law requiring companies with at least five California-based employees to offer a retirement plan. As many as 300,000 businesses must comply by 2022.

One option is CalSavers, which launched July 1. Companies who sign up for the plan would supply a list of their employees. CalSavers would automatically enroll them and then employers would deduct 5% from their paychecks into a retirement account. Workers can opt out of the plan or choose a different savings rate.

California Treasurer Fiona Ma says the program will help people "retire with dignity."

A recent study by the University of California-Berkeley says half of the state's private sector workers have no retirement assets.

Ken Vincent has retired. We appreciate the way he shared his expertise with many of our young interns and reporters over the nearly eight years he spent as KVCR's lead journalist and Morning Edition host. We wish him a happy and relaxing retirement as he spends more time in his garden and, as he mentioned, more time on the golf course. Thanks Ken!