Skip to comments.State of Minnesota may soon control your retirement savings
Posted on 05/15/2014 7:13:10 AM PDT by TurboZamboni
Earlier this week, House and Senate conferees agreed to final language for the Womens Economic Security Act (WESA). While most of the attention has focused on the bills family and sick leave provisions, one particularly bad policy provision has attracted little attention. Specifically, WESA lays the groundwork for a state-administered retirement savings plan for employees in the private sector. Yes, this would essentially be a government-run retirement plan controlled by the State Board of Investment. The ramifications of such a plan could be devastating for private sector employees as well as taxpayers who would likely be on the hook for future bailouts.
The bill states: the commissioner of management and budget must report to the legislature on the potential for a state-administered retirement savings plan, by January 2015. The legislation includes $400,000 to study the issue. While a legislative report may seem innocuous (albeit expensive), it is anything but. This is the proverbial camels nose under the tent.
Earlier this session, liberal legislators and special interest groups introduced the Minnesota Secure Choice Retirement Savings Act, which was subsequently scaled back to what is now a $400,000 study. As Watchdog.org reported on that piece of legislation: If the state gets in the business
opponents warn the livelihoods of some 140,000 Minnesotans in the finance and insurance industry would be anything but secure. They also caution that taxpayers would be on the hook for a bigger bureaucracy and potential bailout, if and when the market tanks.
(Excerpt) Read more at freedomfoundationofminnesota.com ...
We fled Minnesota last year. Good luck to all the good people stuck there with the Communists.
I leave in six weeks for Idaho. But, who’s counting?
Hubby & I were born & raised in MN and lived through 50 years of watching the rot sink in.
Yes, it is an absolutely beautiful state, but rotten to the core. People ask if we will go back there to retire. No way, MN will continue to sink further and further into the abyss.
Good for you --- moving out of there was absolutely the best decision we ever made.
Is governor chicken-s*** still claiming that no one is moving out ?
Which means for all these years those funds have been unavailable for taxation and to help drive the economy. It will be interesting to see how the flood of money coming out of those 401(k)’s will affect things in the coming years.
My wife and I will have over a million easy in our 401(k) by the time we retire, that's money that has never been taxed.
May I ask where you went?
I was last year at this time! Good Luck on the move. I have Idaho on my list of places I would like to visit. I love being out in the west.
Interesting. So if you work at McDonald’s, the state is going to take money from you and then when you are 67, you will get a monthly check. If only we could be 100 percent sure that would happen.
I hear you. My husband was from Minnesota. I am from Ohio. Minnesota is a beautiful state. We lived in a small town. It was nice, but the Cities and Duluth are just intent on ruining everything. Sad.
Little by little they get their claws into everything that we own. They give it a nice sounding name and tell us everything will be all right.
But their end goal is complete and total seizure of all assets, all the means of production, and all property.
Don’t fool yourself. This is what they want to do.
The Black Hills of South Dakota.
With their super investments in wind,solar and unicorn fart companies and ‘guaranteed’ returns of 8+% forever.
Only a matter of time until they implement it nationally.
What could possibly go wrong? /sarc
My wife and I will have over a million easy in our 401(k) by the time we retire, that’s money that has never been taxed.
They are going to rape you and rape you hard. They are going to realize that they have this money just waiting. I wouldn’t doubt if they tax 401K’s with a different percentage then ordinary income. Perhaps 40 percent Income Tax and 10 percent state tax (well thank God you are in Texas). You may still keep 60 percent of your money...maybe. It is so dang scary what is happening to our country financially. We might all end up house poor. We own our home, but will not be able to do a thing other then stay home and hope we at least have enough money to heat, eat some craps of food, and that might literally be it. Scary times for all of us I am afraid.
ALL Conservatives in Minn. need to run ads decrying this governmental theft of your retirement savings.
Then, the citizens of Minn. need to start showing up at the capital, loudly protesting this theft.
Years later when we had kids, we knew we needed to flee seeing the crime grow, so we moved up-north and it was great until all the libs started to move in and wanted to change what was working to what can we give away.
Fled the beautiful lakes area to Wyoming ---- Wyoming has it's own beauty. And you can feel the freedom in the air.
Where abouts in South Dakota (generally) if I may ask ? We thought about moving there too.
Only a matter of time until they implement it nationally.
Well I believe they will begin taking mandatory 10 percent of everyone’s salary to put away for retirement. Now if people can move this money around in various funds, it might be interesting to see what an 18 year old ends up with at 67. It COULD be a significant amount of money....but of course the government would be licking their fingers to get their hands on it.
No conservative or even Republican for that matter should have stayed a day longer then 1984 when it was the only state to vote against Ronald Reagan. That was the first and only clue you need to get the heck out of there. Didn’t you think something was amiss when that happened. I know DC voted against him too but that was it. Heck even Massachusetts voted for Reagan.
Yeah, I know, but we had just gotten married and all our family lived back there. Hard to leave your parents and just pick up and move, especially since their health wasn't good.
Sometimes it takes awhile to realize how bad things really are too.
“Only a matter of time until they implement it nationally”
And CW II starts shortly thereafter.
Yes. We will never live it down that we were the only state to not vote for Ronald Reagan. However, you need to learn a bit of history. RR’s opponent was Walter Mondale, a favorite son (not mine) of the state of Minnesota. RR actually came very close to winning MN, even with Mondale’s home state advantage.
Congratulations, you liberty-loving refugees from Al Franken country!
Work hard in your new states to keep freedom alive and warn those around you in your new homes that “income redistribution” only sounds good to those who get the money, not to those whose money is taken.
I hope the $ million is there for you at retirement.
I still remember the promotional material for 401k’s as they were starting to be offered at my employer in Boston in the early 1980’s
“30 yrs contributing $2K per year and you’ll have a million bucks” Of course interest rates and earnings were in the double digits and no one thought that things could change so drastically. One piece of advice that was actually worth something was “invest for the long run”...I saw way too many very smart people either get out completely or convert to the most conservative options when the stock markets took a big hit at least once in every decade since the 80’s.
Do I now what will happen in the next 10 yrs?....Absolutely not and I’d be a fool to predict the future. As I get closer to retirement, I have been moving into more conservative investments....but I won’t tell you that I’ve got everything figured out....except of course “Beware of the marketing hype when some new investment comes along that will solve all of your problems”
That is one of the most dangerous and predictable ideas to come out of tiny little liberal minds since ObamaCare.
Born and raised in that beautiful state as well; left after college 45 years ago. Still have farmland there, but the politics is destroying that state. It is the typical big city cancer where the libtards dominate on behalf of the parasites and the rest are stuck feeding the cancer.
BUT BUT BUT... It is for women’security. It says right in the bill’s title. If you are against having the government take over your retirement funds you hate women.
Yes, in CA the unions want money taken out of private employee’s paychecks, put into the public employee’s underfunded pension with a discount rate of less than half of what public employees are promised. Of course if there is not enough money in the future to pay all the distributions, the public employees have sacred contracts so they get their money first.
nothing “sacred” about it when the Big Boing hits.
So you didn’t fall for the old “convert to a ROTH and pay your taxes now” trick.
Try telling the public employees that. I hope Detroit union pensions aren’t bailed out, the unions are watching that closely.
I don’t want anything bailed out, except actual ships that take on water.
Couldn’t agree with you more...
Southern Black Hills.
Nice area -— we aren’t that too far away in eastern WY
However, if you have any fear what-so-ever of heights, take a second before you go on the road that runs on the east side.
I spent the entire time on the floor of the car trying not to scream!!!
Other than that (LOL), it is must see.
No. I’ll start killing Legislators if they attempt to seize my retirement assets.
Not a threat. Promise.
Seems perfectly in line with what a state with Al Franken as Senator wold embrace.
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