US - CalPERS may be forced to open its doors to individual retirement accounts or individual retirement annuities (IRAs) for low earners if a bill going through the California legislature is passed.
The bill noted that six million Californians, or 41% of the state's workforce, were not covered by a retirement or pension plan to supplement social security.
Arnold Schwarzenegger, governor of California, said in a statement: "Having a financially secure retirement is part of the American Dream and this bill will help that dream come true for millions of hard working Californians and their families.
"This legislation will help make businesses more competitive, without costing them anything, and will help employees save for their retirement, without costing taxpayers anything either,."
Schwarzenegger concluded: "It is a great example of doing 'more with less' to help California businesses and hard working employees. This really is a win-win for everyone and it will make our small businesses and our employees financially stronger."
CalPERS was not available for comment at the time of going to press.
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