SACRAMENTO, Calif. (AP) — Opponents of a bill that would create the nation’s first state-run retirement program for private-sector workers testified Wednesday that California taxpayers cannot afford to take on the potential for billions of dollars in new liabilities at a time when the state’s public pension systems already are facing massive shortfalls.

Businesses, insurance companies and financial services firms criticized SB1234 by Democratic Sen. Kevin De Leon of Los Angeles. His bill would establish the California Secure Choice Retirement Savings Program for nearly 7 million low-income workers whose private employers don’t offer retirement plans.

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