Some recently introduced legislation in California would allow residents to set up IRA accounts managed by one of the largest pension fund managers-CALPERS.   And, your employer would do direct contributions from your paycheck.

The state accounts could be offered through employers, who could choose to match worker contributions. Workers, not taxpayers, would pay the management fees. They could make pretax contributions through payroll deduction, and plans would be portable from job to job.

The bill passed an Assembly committee last week. Gov. Arnold Schwarzenegger supports it.

AB 2490 by Assemblyman Kevin de Leon, D-Los Angeles, would allow private-sector workers to set up individual retirement accounts through the California Public Employees Retirement System, or CalPERS. It's aimed chiefly at the 40 percent of California workers whose employers, usually small companies, don't offer pensions or retirement saving plans.