“A landmark, IRA-type retirement savings program created for millions of Californians, came under threat last week when House Republicans passed a joint resolution aimed at blocking states from setting up such payroll savings plans. The resolution, which now moves to the Senate for consideration, targets Department of Labor rules designed to expand the number of working Americans with access to IRA-styled savings accounts.
Created last August, these rules had paved the way for California Secure Choice, the state-managed individual retirement account program that is on track to provide retirement nest eggs for nearly seven million Californians whose employers don’t offer pensions or 401(k) plans. Signed into law by Jerry Brown only last September, it isn’t scheduled to begin enrollment until 2019.”