California tries to mandate retirement savings for private workers

[auditor0007]

According to the linked article, the funds would be held by private investment funds and would be insured.

A state-run retirement plan for private sector? | Calpensions

Controlling how other people's money is spent is as good as, maybe even better than, having that money yourself.

A lot of people live from paycheck to paycheck. It's a mighty big assumption on the states part that most can afford the deduction from their pay.

They probably can't or at least won't try to find a way to save. A great many people do live paycheck to paycheck, and that becomes what they do for their entire working lives, then they retire and have nothing. This plan is for those who have nothing else, and they still have the option to opt out. I see nothing at all wrong with it if the funds are held privately and not by the state.

 

[auditor0007]

Of course the state would hold the money. They're Democrats; they despise privatization of retirement funds. That's what their whole beef was with Bush's partial privatization plan for Social Security.

According to the linked article, the funds would be held by private investment funds and would be insured.

A state-run retirement plan for private sector? | Calpensions

The OP's article says the money goes into a state fund. Your link also says workers can opt out, the OP's doesn't. There seems to be conflicting information here.

Yea, I would want to know the facts before supporting it, but if the article I found is correct, then I really don't have a problem with it. It could actually benefit a lot of people.

 

[dblack]

According to the linked article, the funds would be held by private investment funds and would be insured.

A state-run retirement plan for private sector? | Calpensions

The OP's article says the money goes into a state fund. Your link also says workers can opt out, the OP's doesn't. There seems to be conflicting information here.

Yea, I would want to know the facts before supporting it, but if the article I found is correct, then I really don't have a problem with it. It could actually benefit a lot of people.

Slavery benefited a lot of people.

 

[RoadVirus]

And watch as more people leave the Communist State of California.