A bipartisan bill introduced Thursday would allow public sector employees, including K-12 teachers, to add lower-cost investment trusts to their retirement portfolios.
The nation's most populous state launched CalSavers last year and was challenged on the grounds that ERISA supersedes the auto-IRA.
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403(b) plans are failing teachers. A handful of advisors and technology companies want to undo the damage and bring low-cost fiduciary plans to K-12 educators.
An insurance industry proposal purports to protect consumers but actually favors commissions and profits.