Gotta love our nanny state!

If their real goal is to see that retired workers do not get stuck living in poverty after a lifetime of work then set up a framework for the program and let private companies administer the plan overseen by the SEC. If it would be such a good deal for the retired worker, and that is the goal, then it doesn't matter who runs it...right? I think the truth is the state wants yet another pot-o-money to steal through legislative maneuvering and legal slight of hand. Let the private sector administer the program and prohibit any access from outside interests. See if they will go for that.

"The legislation would guarantee workers a return on their investment" Read as the California taxpayers will pay for investment shortfalls.

This is a TERRIBLE idea! Just as we face immense unfunded liability for other public pension programs (Teachers Retirement Program, CALPERS, etc.) the overwhelming temptation to offer more and more benefits to voters while deferring adequate payments (which easily can be done merely by overly-optimistic projections of returns) will quickly saddle state residents with even more debt burden. Alternatively, it will saddle mostly small businesses with higher and higher contributions to pay for politicians promises, driving may either out of the state or out of business. HELP! How can we make them stop???