"Under [a plan proposed by Secretary of State William F. Galvin], private investment firms would bid to manage the money of participants. That's different from a competing proposal suggesting the assets should go into the state pension fund, as is being considered in California. Galvin's plan would apply to companies with 25 workers or more. As currently envisioned, it would require those employers who do not offer a 401(k) plan to make the state plan available to employees. They would not be required to offer matching funds."