Fox News reports:
California lawmakers are pushing a controversial, first-in-the-nation plan that would require private-sector employers to remove 3 percent from every worker’s paycheck. The money would go into a new state fund with a guarantee that all withheld funds plus investment gains will be available for distribution at retirement age.
This is nothing more than a thinly disguised 3% tax, as that money won’t be there when people retire. California has already proven it can’t manage pensions.