Many small companies don’t have qualified retirement plans enabling workers to save for retirement. Under California’s Secure Choice Retirement Savings Program enacted in 2012, eligible employers (those with 5 or more employees but without company plans) will automatically enroll workers (who can opt out) and take payroll deductions; these are transferred to the state-administered plan. Enrollment is expected to begin in 2016. There’s no employer match to employee contributions. About a half dozen other states, including Connecticut and Illinois, are considering similar legislation.
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