http://www.foxnews.com/politics/2013/07/25/california-tries-to-mandate-retirement-savings-for-private-workers/
Is it another case of the nanny state, or an innovative way to help you save?
California lawmakers are pushing a controversial, first-in-the-nation
plan that would require private-sector employers to remove 3 percent
from every worker's paycheck. The money would go into a new state fund
with a guarantee ( Ha ha ha ha ha )That all withheld funds plus investment gains will be
available for distribution at retirement age.
The idea behind the Secure Choice Retirement Savings Program, which
got preliminary approval, is for it to be a state-run supplement to
Social Security, but only for people who don't have traditional
workplace retirement plans. ( Tell me folks how is that Federal Social Security plan working out? )For an estimated 6 million working
Californians, the benefit of a pension or 401(k) is out of reach -- so
state lawmakers are trying to implement the new mandatory retirement
fund for private sector workers.
But critics wonder how the state with a turbulent record of budget
keeping and a much-ridiculed public worker pension system can be counted
on to protect people's money.
Liberal Cesspool...If California broke off and dipped into the Ocean it would not be missed.
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