California is moving forward on the creation of a retirement-savings plan that would offer automatic payroll deductions and pooled investments for the millions of workers whose employers do not offer pension plans or 401(k)s. Some retirement experts tout the benefits of automatic enrollment and the lower cost of pooled investments. But some state lawmakers and the California Chamber of Commerce say the plan is dangerous and unnecessary, and the state's Department of Finance Analysis has said it could create a "multibillion-dollar liability."

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