One of California’s leading taxpayer advocacy groups filed a lawsuit on Thursday to prevent the state from opening a government-run financial savings program that is intended to help lower-income workers prepare for retirement.
The Howard Jarvis Taxpayers Association contends the so-called CalSavers plan violates a federal consumer protection law that sets standards for retirement plans offered by employers.
The advocacy group’s director, Jon Coupal, also argues the state is incapable of managing the program for the 6.8 million Californians who might benefit from it, pointing to the state’s two underfunded public pension systems as evidence that private-sector workers are better off finding their own retirement accounts.
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