CalSavers works on paper, but saddles workers with debt

California is one of five states that has implemented automatic, state-run individual retirement accounts, known as “auto-IRAs,” in recent years. California’s workers—many of whom aren’t adequately preparing for retirement—should absolutely be saving more, and on paper, auto-IRAs move in that direction. But that doesn’t mean all of those workers are coming out ahead.
Here’s how it works: The CalSavers program automatically contributes a portion of