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State-run IRA drawing supporters
It had a name, Secure Choice, and now an attempt to create the first state-run “automatic IRA” for workers with no retirement plan has its first donors, authorization to hire consultants and a favorable response from a wide range of groups asked for advice. The author of the program, Sen. Kevin de Leon, D-Los Angeles, may become the next leader of the state Senate. So the plan being developed by a nine-member board could have a strong advocate when it comes back to the Legislature for approval.