Re "California is moving ahead with retirement plan idea," Business, Oct. 6
It seems that SB 1234, which sets up a state-managed retiree fund for private workers, will result in a new state bureaucracy that does not offer anything new.
Most, if not all, of the people who would be eligible for this state-run retirement plan already qualify for the federal IRA investments. The administrative costs will also be higher than a basic index equity fund. If these low-wage earners are not making retirement investments now, what does the new program have that would change this?
Kirk Norenberg
Redondo Beach
ALSO:
Letters: Cash for cans in California
