SACRAMENTO — State legislation to start a retirement plan for low-income workers who get no pensions and rely only on Social Security has run into a storm of opposition from business groups in Sacramento. The controversial proposal would require private employers to withhold about 3% of the wages of employees who participate. The state would collect the money, invest it and eventually provide a modest sum to retirees who don't have traditional company pensions or 401(k) retirement plans. But opponents contend that the state has a poor record of managing its existing public pensions and say the proposal duplicates retirement savings programs already offered by banks, insurance companies...
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