Michigan legislative action thread
Posted on 05/02/2013 12:57:20 PM PDT by Hot Tabasco
DETROIT (WXYZ) - Wayne County CEO Bob Ficano often dodges our questions, but now he’s running away from his own words.
One of the first actions he said he’d take after 2011’s severance scandal was ending a lucrative perk that paid him and about 200 other appointees $5 for every $1 they put towards their 401k, up to 3% of their salary. They call it the 5-to-1 plan, and it outraged plenty....
“To give a 5-to-1 match is just irresponsible,” said financial advisor Rick Bloom.
(Excerpt) Read more at wxyz.com ...
5 to 1 match on a 401K? That’s outrageous and this slimeball is number 1 on the list of 200 in 401K funds in their accounts. It’s no wonder this democrap has dragged his feet in revamping the pension system........
(my eyes are tired and won't let me read more IRS regulations today).
ping to you my brotha from another motha......
That's a tough question to answer. On a 401K, I don't think there's any limitations to company match contributions since in this case it's merely a "savings" account and totally separate from the pension plan he is a part of. That's why this case is so outrageous, the fact that the county is matching 5 to 1
In a "Defined Benefit Plan" which all corporations have and which I am a recipient of, there IS a maximum pay out but how that is determined is a complicated calculation that I can't explain.
What I can tell you tho, corporations such as mine have what is called an "oops" fund. That is a special fund created to provided additional pension monies to executives whose calculated pensions, based on their final salaries, exceeds the maximmum payable limit under the Defined Benefit Plan. These monies are completely separate from the pension plan itself and come from the company coffers......
BIG GOVERNMENT IS CRONY SOCIALISM
“Socialism Is Legal Plunder” - Bastiat
Socialists are criminals.
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