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For those who don't read links (you know who you are), California is proposing a defined benefit plan for low income workers whose employers don't have any kind of retirement programs.
I see two giant red flags.
First, it is a defined benefit plan instead of a defined contribution plan. What doubles down on the whole defined benefit thing to make this particularly hilarious (in a bad way) is this plan would be administered by...CALPERS.
CALPERS: The Pension Fund That Ate California.
Oh...and here I was talking to people who don't read links, and I provided a kick-ass link to explain how bad CALPERS is managed. Irony!
For those who don't read links (you know who you are), California is proposing a defined benefit plan for low income workers whose employers don't have any kind of retirement programs.
I see two giant red flags.
First, it is a defined benefit plan instead of a defined contribution plan. What doubles down on the whole defined benefit thing to make this particularly hilarious (in a bad way) is this plan would be administered by...CALPERS.
CALPERS: The Pension Fund That Ate California.
Oh...and here I was talking to people who don't read links, and I provided a kick-ass link to explain how bad CALPERS is managed. Irony!
A slick move. They force employers to withhold 3% of a workers yearly earnings (can you imagine the paperwork?) and send it to the state which will manage the account until the worker comes of retirement age. Remember what happened to social security? The federal government authorized itself to put the money into the general fund and they spent every dime. The windfall will be lucrative to the cash strapped Ca. state government and when the worker retires the state will complain that they don't have the money to fund the retirement.
I guess when a state is desperate for money they will even steal it from the poor. Now a state operated social security style retirement system with supposed guaranteed returns. If your believe that I got a bridge to sell ya.
California Creates Retirement Plan For Private-Sector Workers « CBS San Francisco
"We're gonna' take your money with NO obligation to EVER give it back to you!". You can't make this stuff up!Like the little disclaimer that the employees will have to sign stating that the state is not liable for any "losses". Nifty that.
Like the little disclaimer that the employees will have to sign stating that the state is not liable for any "losses". Nifty that.
This is how politicians continue to get elected. They have just moved the very problem they face today, down the road 30 years. By that time, most of them will have stolen what they can, retired and might even be dead by the time the bill comes due.A slick move. They force employers to withhold 3% of a workers yearly earnings (can you imagine the paperwork?) and send it to the state which will manage the account until the worker comes of retirement age. Remember what happened to social security? The federal government authorized itself to put the money into the general fund and they spent every dime. The windfall will be lucrative to the cash strapped Ca. state government and when the worker retires the state will complain that they don't have the money to fund the retirement.
Like the little disclaimer that the employees will have to sign stating that the state is not liable for any "losses". Nifty that.
They say a fixed return is guaranteed but the only thing I can see in CA's not to distant future is bankruptcy, just another way to delay the inevitable.
