California Assembly passes bill for private worker retirement plan

August 25, 2016 2:49 PM EDT

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By Rory Carroll

SAN FRANCISCO (Reuters) - A bill to create a state-run retirement savings plan for roughly 7 million private workers in California advanced through the state Assembly on Thursday.

The bill would launch a retirement savings program to cover California workers who do not receive a company-sponsored retirement, such as a pension or 401(k) plan.

(Reporting by Rory Carroll)

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