California could become the first state in the nation to offer a retirement savings plan for residents who have no retirement plans. Legislation passed Aug. 31 would create a commission to examine the creation of a retirement savings plan in which workers not covered by employer-sponsored retirement plans would automatically have 3% of their pay placed in portable retirement accounts that could be moved from job to job. The state will not be contributing to the plan, and employers are not required to contribute to it. The employee contributions would be pooled and professionally managed by independent investment managers or the $239.3 billion California Public Employees’ Retirement System, Sacramento, for a fee according to a report at Pensions and Investments.