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 ;)

"And businesses with more than five employees that fail to allow payroll deduction would pay a penalty of $500 per eligible employee"

And California's assault on small business continues...

I see a bunch of fat bureaucrats smoking cigars in Texas reading this and joking to themselves, "here comes another wave of businesses headed our way from Cali haha"

bgamall4 says

puhim says

The confiscation of wealth begins in California

Well, I don't know. Giving your employee a pension is not confiscating wealth, it is doing the right thing.

Why do you enjoy lying?

bgamall4 says

puhim says

The confiscation of wealth begins in California

Well, I don't know. Giving your employee a pension is not confiscating wealth, it is doing the right thing.

BG,

I agree. As far as symantics go, the workers aren't 'given' anything. They are forced to use 3% of their own earnings to go into the retirement plan. However, JustMe and Mell bring up other great points. It's how Cali would come up w/ the solution. ....Being the 'Even-Steven, Steady-as-she-goes Dividend Growth Investor that I am, I'd like to see a simple fund of 20 dividend paying stocks used for this fund. This is how a portion of the "1%-ers" Trust Funds are funded; why not set up something similar for the average/poor person?..... And finally, the person does have the option to 'opt-out'. To me the default would be to 'opt-out'.. ie, doing something to get INTO the plan, if one chooses...

The problem is not the plan, it's that California government would be controlling it. Contributors would have no rights to their own money, and what isn't stolen or lost in stock market crashes would be eventually legislated to go solely to illegal immigrants. Having witnessed ten years of California politics, I have zero faith in the system, especially now that democrats control everything in government. I'll probably get the hell out in five years or so.

bgamall4 says

dodgerfanjohn says

Why do you enjoy lying?

I am not lying. Confiscating wealth would mean that the government gets the money. I don't see that happening.

Eeesh....the one American who trusts politicians.....

bgamall4 says

I am not lying. Confiscating wealth would mean that the government gets the money. I don't see that happening.

Dumbass

Quigley says

The problem is not the plan, it's that California government would be controlling it. Contributors would have no rights to their own money, and what isn't stolen or lost in stock market crashes would be eventually legislated to go solely to illegal immigrants. Having witnessed ten years of California politics, I have zero faith in the system, especially now that democrats control everything in government. I'll probably get the hell out in five years or so.

Exactly. Thanks for spelling it out for the dumbasses here.

bgamall4 says

I am not lying. Confiscating wealth would mean that the government gets the money. I don't see that happening.

You you fool, don't you realize these people will never ever see that money EVER!

you're 401k/Govt pensions are all BULLSHIT , you will never see them

All pensions will be confiscated or CONVENIENTLY LOST!

puhim says

Quigley says

The problem is not the plan, it's that California government would be controlling it. Contributors would have no rights to their own money, and what isn't stolen or lost in stock market crashes would be eventually legislated to go solely to illegal immigrants. Having witnessed ten years of California politics, I have zero faith in the system, especially now that democrats control everything in government. I'll probably get the hell out in five years or so.

Exactly. Thanks for spelling it out for the dumbasses here.

Agreed - that's the big red flag here. To be fair it works well enough in some other countries, but then again, those don't allow robbing the fund money and taking high risk gambles, neither do they bail out crony capitalists on such an unprecedented level or let everyone walk free if they just plead "da fif" when they have lost billions in what was supposed to be untouchable client account money. At this point almost all trust is gone, and rightfully so, at least until we see handcuffs (for bankstas, RE agents and politicians) for all the fraud committed.