California creates state run private retirement plan

[Dissent]

Calif. creates state-run private retirement plan - Yahoo! News

Trying to fix everything for everyone...idiots still don't realize that's impossible and only creates a class of poor people no one rich no one poor but everyone depending on the state...its a statists dream.

 

[Oddball]

A "private" plan that's state-run?

Somewhere in the cosmic ether, Orwell is having a big fat belly laugh.

 

[WillowTree]

Calif. creates state-run private retirement plan - Yahoo! News

Trying to fix everything for everyone...idiots still don't realize that's impossible and only creates a class of poor people no one rich no one poor but everyone depending on the state...its a statists dream.

Cause they're so good at it?

 

[ShootSpeeders]

A "private" plan that's state-run?

Somewhere in the cosmic ether, Orwell is having a big fat belly laugh.

I was just gonna say the same thing. More liberal loonybirdisms. Like saying persecuting whites via affirmative action is a way to fight racism!!!

 

[OKTexas]

They will mismanage the money, won't be able to keep their promises and then will want the feds to bail them out. Too bad the feds are broke also.

 

[Trajan]

jerry brown is a riot.


from the link;

The program directs employers to withhold 3 percent of their workers' pay unless the employee opts out of the savings program, which can be done every two years. It would be administered by a seven-member board chaired by the state treasurer. The board would select a professional fund manager, which could be a private investment firm or the state's public pension system, to maintain the money.


right, nothing can go wrong here

 

[Toro]

Calif. creates state-run private retirement plan - Yahoo! News

Trying to fix everything for everyone...idiots still don't realize that's impossible and only creates a class of poor people no one rich no one poor but everyone depending on the state...its a statists dream.

Why do you believe that creating a state-run voluntary pension plan does this?

 

[Full-Auto]

Calif. creates state-run private retirement plan - Yahoo! News

Trying to fix everything for everyone...idiots still don't realize that's impossible and only creates a class of poor people no one rich no one poor but everyone depending on the state...its a statists dream.

Who in their right mind would give government (especially democrats ) their money to invest???


However, I strongly suggest every democrat take part. Its a win win for them.

 

[Katzndogz]

Here's why.

"SB1234 looks like nothing more than a cynical effort to prop up the floundering public employee pension debt with new funds from private investors," Walters wrote in a blog ahead of the bill signing.

In 30 or 40 years when private sector workers retire and find that all the money was taken for the PERS system they won't be able to do anything about it.

 

[Toro]

jerry brown is a riot.


from the link;

The program directs employers to withhold 3 percent of their workers' pay unless the employee opts out of the savings program, which can be done every two years. It would be administered by a seven-member board chaired by the state treasurer. The board would select a professional fund manager, which could be a private investment firm or the state's public pension system, to maintain the money.


right, nothing can go wrong here

This should be an opt-in program, not an opt-out program, and should be strictly voluntary. But otherwise, I don't have a problem with this.

I started my career as a stock broker. I was stunned at how many people had inadequate savings. I would go and meet with 50-something couples who had $15,000 in savings and wanted me to turn it into $500,000 in 10 years. Study after study has shown that people a.) do not save enough, and b.) usually do poorly when doing it on their own. Such a program helps mitigate the number of people receiving government aid when they are seniors.

 

[alan1]

jerry brown is a riot.


from the link;

The program directs employers to withhold 3 percent of their workers' pay unless the employee opts out of the savings program, which can be done every two years. It would be administered by a seven-member board chaired by the state treasurer. The board would select a professional fund manager, which could be a private investment firm or the state's public pension system, to maintain the money.


right, nothing can go wrong here

Fixed it for you,

jerry brown is an idiot.

 

[Mad Scientist]

From the Article:

It's too soon to say what would happen if CalPERS managed the new retirement program, said pension fund's spokesman, Brad Pacheco. CalPERS could create a separate account for private-sector workers, although it's more likely to pool investments with public employees.

No it's not. Those assh*les know full well what it could do because CALPERS is ALREADY circling the drain:
http://www.pionline.com/article/20120820/REG/120829987

CalPERS is defending government workers against criticism of their benefits even while it risks losses as municipalities, faced with rising retirement costs, file for bankruptcy.
The $238.4 billion pension fund is the largest creditor in Chapter 9 bankruptcy cases filed by two California cities, Stockton and San Bernardino, since the end of June, with a total of $290.8 million in payments to the system at stake.

My Sister works for the City of Pomona and she says they're all worried about this.

I read a WSJ article back in 2007 about how CalPERS was in trouble. Looks like nothings changed and this new legislation looks like a way to steal even more money from Californians.