Skip to comments.Retirement Planner: Time to go public on flawed state pension plan
Posted on 03/19/2013 4:24:02 PM PDT by Rusty0604
Has anyone heard about the proposed national retirement plan that is gaining steam back in Washington? Or how about the recently enacted Secure Choice retirement plan (SB 1234) covering all private sector employees here in California? No? Let me fill you in. These new government plans would cover all workers in the private sector who are not already covered by a pension plan. When I asked who was promoting this, the answer was counterintuitive: It was the union leadership of the nation's government employees. The hidden agenda for California's current voluntary plan is to morph it into what will become the nation's compulsory plan.
(Excerpt) Read more at contracostatimes.com ...
I could live quite comfortably on only 100k per year. The chief would have to cut back on expenses, since he was expecting his normal 200K/yr. But at least it would reduce "envy" by those of us who are supporting these slugs for life.
Rusty, they are coming after 401k plans entirely. They’re not going to tax them. They’re going to take them. All of them.
or they could just cut their benefits to the level of the average Social Security recipient — which would make more financial sense.
“or they could just cut their benefits to the level of the average Social Security recipient which would make more financial sense.”
Ouch! That is exactly what will happen to all employees public and private after they steal all the pension money in the private sector
In CA, the plan was to calculate the returns at around 3 % as opposed to the 7.5% for public employees. It was to be run by CALPERS. I figured it would pad the shortage for the public employees for awhile then they could screw the private workers because they are not “under contract”. I guess they could keep the difference too if they did make a larger return than 3%. It’s all for saving the unions.
Think Argentina....a “social justice” move.
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