States From Ohio to Florida Weigh Running Company Funds

Six U.S. states, led by Massachusetts and California, are taking steps to put public pension overseers in charge of retirement savings plans offered to nongovernment workers, according to an advocate of the idea.

Massachusetts, California, New York, Florida, Ohio and Connecticut have made or are actively considering such moves, said Hank Kim, executive director of the National Conference on Public Employee Retirement Systems, a trade group in Washington that backs letting government fund managers control retirement plans set up for nonprofit organizations and small businesses.