“A California plan to give private-sector workers a state-run retirement savings plan is nearing $1 million in contributions, the goal set to pay for a market analysis to help design the program.

Although the California plan is still in the formative stage, last week the Illinois legislature approved a plan based on the California model, even using the same name, “Secure Choice.”

Legislation for similar programs named “Secure Choice” has been introduced in three other states: Maryland, Minnesota and Ohio. A variety of plans to aid workers without retirement plans has been introduced in 17state legislatures.

Half of private-sector workers have no employer retirement plan beyond Social Security and may face a bleak financial future. Baby Boom retirements, dwindling private pensions and 401(k) investment losses during the recession are heating up the issue.” -Public CEO

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