...after what the Feds did to the Social Security Trust fund? California tries to mandate retirement savings for private workers Is it another case of the nanny state, or an innovative way to help you save? 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. But critics wonder how the state with a turbulent record of budget keeping and a much-ridiculed public worker pension system can be counted on to protect people's money. Read more: http://www.foxnews.com/politics/201...nt-savings-for-private-workers/#ixzz2a6tKOgzb
As State and National finances deteriorate, more of these "Government managed" pension schemes will appear. Just like Argentina. It's really a form of capital controls - forcing 401ks into government debt, to finance deficits and government largess.
This is nothing more than California trying to put a social security type fund in place - not for the benefit of their people, but so they can borrow against it as an asset like the Federal government does. And, like the Feds, it will be broke as soon as they do it. The talk about the Feds trying to gain access to everyone's 401k falls along the same lines. Just another pot to steal, and run like a ponzi.
LOL. What about investment losses and raids on the fund by the legislature. They see how Congress has raided the Social Security fund and replaced it with IOU's and an idea was born.
As California does more of this communistic shit, more and more people leave there in drones. The problem with that is many of them spread out across Arizona, Colorado, Florida, etc., and bring the liberal stuff with them vs leaving in CA where it belongs
Between them and the Mexicans they've pretty much taken over Colorado politics. That's why the northern counties in Colorado wants to form a separate state so they have representation in Washington.