patrick.net

"Automatic enrollment and payroll deduction are powerful tools that help people save, she says, because people don't tend to miss money they don't see."

The confiscation of wealth begins in California

LMFAO!!!

"she says, because people don't tend to miss money they don't see."

Bitch when you live check to check and inflation out strips wage increases for 22 years straight WTF are you supposed to SAVE !

Now you have NO CHOICE!

California STATES THIEVES

Don;t worry Californian TAX Slaves "Enrollment won't begin until 2015, at the earliest"

LEAVE NOW!

"The California Chamber of Commerce argued that the plan was unnecessary"

Tnew law authored by de Léon attempts to address what he calls the coming "retirement tsunami." Signed by Gov. Jerry Brown in September 2012, the California Secure Choice Retirement Savings Program would establish automatic payroll contributions into retirement accounts for 6.3 million Californians whose employers don't sponsor a pension plan or a 401(k). Legislators in left-leaning states such as Connecticut and Illinois have put forward similar proposals, as has U.S. Sen. Tom Harkin (D-Iowa).

They are confiscating your money, you will NEVER EVER SEE IT!

Well if the state didn't take it your landlord would.

A fool and their money are soon parted. If they let the state take their money so be it. They don't deserve to have it or ever see it again no ways!

I like the idea of encouraging or forcing people to save for their retirement. But having the gov't (especially California state gov't) implement this will already add yet more layers of gov't workers/waste, and highly doubt they could bang out a reasonable/feasible solution.

No matter how poor people are, you can always save SOMETHING. I don't buy the excuse that people are too poor to save for retirement.... Between section-8, EBT cards, food stamps, welfare, fuel assistance, obama-phones, etc, there is zero excuse nowadays NOT to save for retirement. I see folks driving cars worth 3x-4x than my car, on welfare or some assistance, and they claim they can't save for retirement. Bullshit.

I just think California would fuck it up, like it has w/ most decisions....

puhim says

Law to be passed to force Califronian's to be enroll in pension plans that deduct 3%.

puhim says

"The new system would deduct an automatic 3 percent contribution from the paychecks of eligible employees, unless they chose to opt out.

So opt out - problem solved.

New Renter says

puhim says

Law to be passed to force Califronian's to be enroll in pension plans that deduct 3%.

puhim says

"The new system would deduct an automatic 3 percent contribution from the paychecks of eligible employees, unless they chose to opt out.

So opt out - problem solved.

When the NJ teacher's union was getting the crap beat outa them by Chris Christie, they could have fought any number of new policies the governor was instituting on teachers (increased medical contribution, wage freezes, reducing state aid). They fought none of it. The only thing they fought that year was an opt out option from the pension system. Nearly all pension systems would go insolvent without forcing people to participate. Outside of the people milking the system, they are poorly managed and most of the managers specialize in making bad decisions.

Nearly half of Californians are on track to retire in or near poverty.

If California had the stones like Wisconsin's Guv did last summer in defeating the democrat-Unions, California can avoid the same fate as Detroit... Luckily, California has a lot more going for it than Detroit.

However, Democrats in California have declared open-season on its law-abiding tax payers. Sucks to be them....

The main problem with pension funds in general, whether state-based or private, is the propensity for the funds to "invest" the fund holdings with hedge funds and private equity funds (a.k.a leveraged buyout firms) who are actively seeking to profit from destroying the very corporations that the pensioned workers are employed by.

THAT is the real problem.

justme says

The main problem with pension funds in general, whether state-based or private, is the propensity for the funds to "invest" the fund holdings with hedge funds and private equity funds (a.k.a leveraged buyout firms) who are actively seeking to profit from destroying the very corporations that the pensioned workers are employed by.

THAT is the real problem.

That's one part of it. The other part is that if they invest in safest vehicles only and adjust the payouts for shortfalls, and inflation pretty much eats up a good chunk of the yield, then the old mob will riot for their "guaranteed" yields and gladly take it from the kids. But hey, inflation is good says the Fed and the NAR ;)