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Retirement Planner: Time to go public on flawed state pension plan
Contra Costa Times ^ | 03/15/2013 | Stephen J. Butler

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 ...


TOPICS: Business/Economy
KEYWORDS: retirement
Where the money would come from remains sketchy, and the funding guarantees inherent in all promised pension benefits remain a mystery. The starting point for funding sources would be the removal of the tax-deductible treatment of 401(k) and IRA deposits. If not enough, then there's always the tax-deferred treatment of compound earnings on the $6 trillion of combined assets in these plans.
1 posted on 03/19/2013 4:24:02 PM PDT by Rusty0604
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To: Rusty0604
Hmmm...if they would pass a law saying that I get half of a CA police chief's pension at age 55, I might support this.

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.

2 posted on 03/19/2013 4:36:21 PM PDT by boop ("You don't look so bad, here's another")
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To: Rusty0604

Rusty, they are coming after 401k plans entirely. They’re not going to tax them. They’re going to take them. All of them.


3 posted on 03/19/2013 4:39:21 PM PDT by Lurker (Violence is rarely the answer. But when it is it is the only answer.)
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To: Rusty0604

or they could just cut their benefits to the level of the average Social Security recipient — which would make more financial sense.


4 posted on 03/19/2013 4:43:01 PM PDT by Uncle Chip
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To: Uncle Chip

“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


5 posted on 03/19/2013 4:50:53 PM PDT by winodog
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To: boop

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.


6 posted on 03/19/2013 5:23:46 PM PDT by Rusty0604
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To: Lurker

Think Argentina....a “social justice” move.


7 posted on 03/19/2013 7:08:00 PM PDT by RetiredTexasVet (Leveling the playing field for a Progressive is dragging everyone down to their level.)
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