California Secure Choice would require an opt-out, rather than an opt-in, for workers. (Photo: Getty)

The Investment Company Institute has written to the governor of California urging him to stop the California Secure Choice Retirement Savings Program before it is implemented, citing what it says are the costs and risks of the legislation.

In its 68-page letter, the Washington, D.C.-based institute warned Gov. Jerry Brown in detail of what it said were “fiscal risks, legal risks, and, for California’s workers, financial and investor protection risks” that the state would be taking on should the program be implemented.

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