California to mandate state run retirement sysem for private workers

[OKTexas]

I guess when a state is desperate for money they will even steal it from the poor. Now a state operated social security style retirement system with supposed guaranteed returns. If your believe that I got a bridge to sell ya.

California Creates Retirement Plan For Private-Sector Workers « CBS San Francisco

 

[Vox]

so far it is optional. but I am sure they plan to make it mandatory

 

[TemplarKormac]

Hey, Detroit just called. They thank California for catching on.They also quoted a verse from the good book: "For wide is the gate and broad is the road that leads to destruction, and many enter through it."

LOL

 

[g5000]

For those who don't read links (you know who you are), California is proposing a defined benefit plan for low income workers whose employers don't have any kind of retirement programs.

I see two giant red flags.

First, it is a defined benefit plan instead of a defined contribution plan. What doubles down on the whole defined benefit thing to make this particularly hilarious (in a bad way) is this plan would be administered by...CALPERS.

CALPERS: The Pension Fund That Ate California.

Oh...and here I was talking to people who don't read links, and I provided a kick-ass link to explain how bad CALPERS is managed. Irony!

 

[TemplarKormac]

For those who don't read links (you know who you are), California is proposing a defined benefit plan for low income workers whose employers don't have any kind of retirement programs.

I see two giant red flags.

First, it is a defined benefit plan instead of a defined contribution plan. What doubles down on the whole defined benefit thing to make this particularly hilarious (in a bad way) is this plan would be administered by...CALPERS.

CALPERS: The Pension Fund That Ate California.

Oh...and here I was talking to people who don't read links, and I provided a kick-ass link to explain how bad CALPERS is managed. Irony!

Funny how that didn't work for Detroit. You expect anyone to read links if you constantly insult their intelligence?

California Goes Bankrupt - Reason.com

 

[OKTexas]

For those who don't read links (you know who you are), California is proposing a defined benefit plan for low income workers whose employers don't have any kind of retirement programs.

I see two giant red flags.

First, it is a defined benefit plan instead of a defined contribution plan. What doubles down on the whole defined benefit thing to make this particularly hilarious (in a bad way) is this plan would be administered by...CALPERS.

CALPERS: The Pension Fund That Ate California.

Oh...and here I was talking to people who don't read links, and I provided a kick-ass link to explain how bad CALPERS is managed. Irony!

They also want to fine businesses $250.00 per employee if they don't offer a pension plan. I see many more small businesses leaving for greener pastures.

 

[whitehall]

A slick move. They force employers to withhold 3% of a workers yearly earnings (can you imagine the paperwork?) and send it to the state which will manage the account until the worker comes of retirement age. Remember what happened to social security? The federal government authorized itself to put the money into the general fund and they spent every dime. The windfall will be lucrative to the cash strapped Ca. state government and when the worker retires the state will complain that they don't have the money to fund the retirement.

 

[OKTexas]

A slick move. They force employers to withhold 3% of a workers yearly earnings (can you imagine the paperwork?) and send it to the state which will manage the account until the worker comes of retirement age. Remember what happened to social security? The federal government authorized itself to put the money into the general fund and they spent every dime. The windfall will be lucrative to the cash strapped Ca. state government and when the worker retires the state will complain that they don't have the money to fund the retirement.

Yep, then they will go to the feds to make good on their promises.

 

[Publius1787]

I guess when a state is desperate for money they will even steal it from the poor. Now a state operated social security style retirement system with supposed guaranteed returns. If your believe that I got a bridge to sell ya.

California Creates Retirement Plan For Private-Sector Workers « CBS San Francisco

Lol this is going to be great!

 

[BlueGin]

Like the little disclaimer that the employees will have to sign stating that the state is not liable for any "losses". Nifty that.

 

[Mad Scientist]

Like the little disclaimer that the employees will have to sign stating that the state is not liable for any "losses". Nifty that.

"We're gonna' take your money with NO obligation to EVER give it back to you!". You can't make this stuff up!

The best part is when Americans say "Ok!" then chant; USA! USA! USA! as they get raped and robbed!

 

[OKTexas]

Like the little disclaimer that the employees will have to sign stating that the state is not liable for any "losses". Nifty that.

They say a fixed return is guaranteed but the only thing I can see in CA's not to distant future is bankruptcy, just another way to delay the inevitable.

 

[Darkwind]

A slick move. They force employers to withhold 3% of a workers yearly earnings (can you imagine the paperwork?) and send it to the state which will manage the account until the worker comes of retirement age. Remember what happened to social security? The federal government authorized itself to put the money into the general fund and they spent every dime. The windfall will be lucrative to the cash strapped Ca. state government and when the worker retires the state will complain that they don't have the money to fund the retirement.

This is how politicians continue to get elected. They have just moved the very problem they face today, down the road 30 years. By that time, most of them will have stolen what they can, retired and might even be dead by the time the bill comes due.

It is a favored trick of the corrupt.

 

[asterism]

I thought Social Security was supposed to prevent this?

 

[asterism]

Like the little disclaimer that the employees will have to sign stating that the state is not liable for any "losses". Nifty that.

They say a fixed return is guaranteed but the only thing I can see in CA's not to distant future is bankruptcy, just another way to delay the inevitable.

A fixed return with no liability, opt-out policy. If anyone in the private sector tried this they would be in jail.