New Program Helps California Workers Without Pension, 401(k) Save for Retirement

In California, 61% of private sector workers have no access to a pension or 401(k). (Credit: Michael Robinson Chavez / Los Angeles Times)

by: Los Angeles Times

Posted: Jul 1, 2019 / 09:23 PM PDT

Updated: Jul 1, 2019 / 09:23 PM PDT

This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

Are you a worker worried you won’t have enough money to retire?

Are you an employer who doesn’t offer either a pension or a 401(k) to your workers?

If so, CalSavers is aimed at you.

On July 1, California launches an ambitious state-sponsored retirement program for the private sector. All employers with five or more workers will be required to sign on if they don’t offer their employees a way to save and invest for retirement. As many as 300,000 businesses must comply over the next three years.

Read the full story on LATimes.com.