"With relatively little national attention, California Gov. Jerry Brown last month signed into law the first state defined benefit pension scheme for private workers.... Like the typical entitlement, this one was designed with modest benefits that can be increased down the road as the program matures. Employees are automatically enrolled in the retirement accounts (unless they opt out) and contribute 3 percent of salary. Employers don't have to contribute.... With automatic enrollment, a broad participant base and basic annuity this plan resembles something between Social Security and CalPERS. That is where the danger lies."  MORE >>