"In California and elsewhere the retirement planning industry is beginning to wake up to a new 'defined benefit' plan for low- to middle-income workers or, as a legislative aide, Greg Hayes, describes it, an 'IRA in an insurance wrap.' The concept, if California S.B. 1234 overcomes not-insignificant financial and legal hurdles, promises to upend conventional thinking over the utility of 401(k)-type plans for the private-sector workforce. It also may create a shift in thinking about fiduciary responsibilities of the employers that sponsor plans."  MORE >>