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Nearly 7 million workers for California companies will be automatically enrolled in a new state-run retirement program under a bill signed Thursday by Gov. Jerry Brown.

The law requires all California companies with at least five employees to enroll their workers in the new California Secure Choice Retirement Savings Program or offer their own retirement savings plan. [...]

The retirement program will be overseen by a state board, but most of the administrative work will be outsourced to private companies. Those firms will need to be chosen before enrollment can begin.

Though structured as an individual retirement program, Secure Choice will operate much like a 401(k).

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