7 million Californians to get state-run retirement plans

Seven million California workers are in line to receive a new state-run IRA savings plan.

Dubbed California Secure Choice, the plan is for those who don't already have access to a retirement plan at work.

All businesses with at least five employees are required to participate if they don't already offer a pension, 401(k), or similar retirement plan for their workers.

The plan is scheduled to start in 2018 for businesses with more than 100 employees, followed by smaller businesses over the following three years.

Read more from CNNMoney.