California wants to take care of you.

[Thinker101]

The Golden State is trying to make everyone’s golden years a little more comfortable. California’s state-sponsored retirement program, called CalSavers, is now out of the pilot phase and officially available to the public. The automatic enrollment program sets up an individual retirement account for employers to offer their workers, who can make contributions through payroll just like they would if they had a 401(k) plan.

Workers in California are one step closer to retirement security

Wow, sounds pretty good, California making investments with your money to help in your golden years. One minor catch, how is the existing program going, you know, the one for government employees? CalPERS calculation is that it was 69 percent funded in 2016, which is slightly higher than the 66 percent level for state pension systems nationwide. That’s a $168 billion unfunded liability.

The realities of California’s pension crisis – Orange County Register

 

[Dont Taz Me Bro]

CalPERS is primarily funded by the government. CalSavers appears to be funded mainly by the individual with a possible employer contribution. The article isn't clear on that.

 

[TheGreatSatan]

Democrats are trying to turn California into the world's largest homeless tent city

 

[Thinker101]

CalPERS is primarily funded by the government. CalSavers appears to be funded mainly by the individual with a possible employer contribution. The article isn't clear on that.

So you're saying with the unfunded liabilities at CalPERS, they'll have all the talented money managers at CalSavers?

 

[Dont Taz Me Bro]

CalPERS is primarily funded by the government. CalSavers appears to be funded mainly by the individual with a possible employer contribution. The article isn't clear on that.

So you're saying with the unfunded liabilities at CalPERS, they'll have all the talented money managers at CalSavers?

I'm saying it's not an accurate comparison. CalSavers, on its face, actually doesn't sound like a bad idea, but I would need more details about the program. As for CalPERS's unfunded liability, I would gather that has less to do with the people managing the program and more to do with politicians promising unions what they can't deliver in exchange for their support at election time.

 

[Thinker101]

CalPERS is primarily funded by the government. CalSavers appears to be funded mainly by the individual with a possible employer contribution. The article isn't clear on that.

So you're saying with the unfunded liabilities at CalPERS, they'll have all the talented money managers at CalSavers?

I'm saying it's not an accurate comparison. CalSavers, on its face, actually doesn't sound like a bad idea, but I would need more details about the program. As for CalPERS's unfunded liability, I would gather that has less to do with the people managing the program and more to do with politicians promising unions what they can't deliver in exchange for their support at election time.

CalSavers sounds like another scheme allowing politicians to dip into additional funds.

 

[EvilCat Breath]

California politicians want to have control over individual retirement accounts and no one sees anything wrong with this? They will take it. They might have taken it by now. There are illegals to support.

 

[beagle9]

California politicians want to have control over individual retirement accounts and no one sees anything wrong with this? They will take it. They might have taken it by now. There are illegals to support.

Yes I agree, otherwise with all that Demon-crats are supporting, and are into these days, it just makes one highly suspicious of any program or so called help they offer to alledgedly fix things. Good points.

 

[Dekster]

CalPERS is primarily funded by the government. CalSavers appears to be funded mainly by the individual with a possible employer contribution. The article isn't clear on that.

So you're saying with the unfunded liabilities at CalPERS, they'll have all the talented money managers at CalSavers?

I'm saying it's not an accurate comparison. CalSavers, on its face, actually doesn't sound like a bad idea, but I would need more details about the program. As for CalPERS's unfunded liability, I would gather that has less to do with the people managing the program and more to do with politicians promising unions what they can't deliver in exchange for their support at election time.

Mandating that all employers offer retirement plans to all employees is not the greatest idea in the world, especially a system in which the employer contributions will vary from year to year determined by essentially the funds performance. It would mean the employer has to cover the losses his employees suffers due to bad investments falling short of some bureaucratically determined actuary table. I would expect to see more employers opting into traditional 401K's at the very least going forward rather than this thing and more small businesses cutting back on the number of employees or their hours.

 

[BrokeLoser]

Everything Mexifornia politicians touches turns to shit...it’s what white guilt whackos and wetbacks do.

 

[Claudette]

Glad I don't live in Cali.