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  #1  
Old 07-25-2013, 08:29 PM
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California to Harvest 3% for Retirement

Just heard about this.

California lawmakers are pushing a controversial, first-in-the-nation plan that would require private-sector employers to remove 3 percent from every worker's paycheck. The money would go into a new state fund with a guarantee that all withheld funds plus investment gains will be available for distribution at retirement age.
The idea behind the Secure Choice Retirement Savings Program, which got preliminary approval, is for it to be a state-run supplement to Social Security, but only for people who don't have traditional workplace retirement plans. For an estimated 6 million working Californians, the benefit of a pension or 401(k) is out of reach -- so state lawmakers are trying to implement the new mandatory retirement fund for private sector workers.


http://www.foxnews.com/politics/2013...ivate-workers/

I have to wonder why anyone would think that California as a state government has the ability to manage everyone's retirement when it can't balance it's own budget.

Would you want the state to take 3% of your income for your own good? (More than it already does....)
 
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  #2  
Old 07-26-2013, 06:36 AM
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It surely might help their budget problems. They could use the money to pay the bills and issue IOUs like the Fed does.
 
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Old 07-26-2013, 09:48 AM
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Originally Posted by ScriptMan View Post
It surely might help their budget problems. They could use the money to pay the bills and issue IOUs like the Fed does.
That's the first thing that popped into my mind.

It just seems to be a process that would be full of land mines.

What about public assistance? Would those deposited funds be counted as assets like personal savings currently are counted?

For instance, what about when kids apply for college loans and their parents have retirement money on file?

I'm a big fan of financing your own college education so this doesn't keep me awake at night but I wonder if they've considered all the unintentional consequences?

Like what'll happen if California declares itself insolvent?
 
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Old 07-26-2013, 06:03 PM
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What are you guys so worried about?
Governments everywhere have repeatedly proven that they can be trusted.
 
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Old 07-26-2013, 07:42 PM
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I agree with the IOU's. I would be interested in seeing a national 401k matching percentage solution. Maybe allow employees to opt into a state 401k program with a nice matching percentage to entice people to start saving. Can you imagine living in 10 states throughout your life and when it comes retirement age you are getting 10 different checks all by different states ... arg.
 
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Old 07-27-2013, 05:57 AM
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For anyone who may have misunderstood my sarcasm. I meant that California could steal the money from the retirement fund just like the big crooks in DC did.
 
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Old 07-27-2013, 08:01 AM
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I will not trust the government in this one. As mentioned above, how could you trust a government to manage your retirement fund when it can not even balance its own budget. I would rather manage the fund my self. 3 percent of my monthly salary when invested in an index mutual fund earning 3 or 4 times more than the inflation rate would be more than enough for my retirement.
 
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Old 07-27-2013, 08:05 AM
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Originally Posted by CerealNut View Post
I agree with the IOU's. I would be interested in seeing a national 401k matching percentage solution. Maybe allow employees to opt into a state 401k program with a nice matching percentage to entice people to start saving. Can you imagine living in 10 states throughout your life and when it comes retirement age you are getting 10 different checks all by different states ... arg.
Who's going to pay for the matching funds?
 
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