California bill would provide a modest sum to retirees who don't have pensions or 401(k)s?
~ The Rebel ~
2012/08/07 17:22:52
State legislation to start a retirement plan for low-income workers who get no
pensions and rely only on Social Security has run into a storm of opposition
from business groups in Sacramento.
The controversial proposal would
require private employers to withhold about 3% of the wages of employees who
participate. The state would collect the money, invest it and eventually provide
a modest sum to retirees who don't have traditional company pensions or 401(k)
retirement plans.
But opponents contend that the state has a poor record
of managing its existing public pensions and say the proposal duplicates
retirement savings programs already offered by banks, insurance companies and
brokerages.
pensions and rely only on Social Security has run into a storm of opposition
from business groups in Sacramento.
The controversial proposal would
require private employers to withhold about 3% of the wages of employees who
participate. The state would collect the money, invest it and eventually provide
a modest sum to retirees who don't have traditional company pensions or 401(k)
retirement plans.
But opponents contend that the state has a poor record
of managing its existing public pensions and say the proposal duplicates
retirement savings programs already offered by banks, insurance companies and
brokerages.
Read More: http://www.latimes.com/business/la-fi-private-sect...
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- t.eliot, topbard 2012/08/07 19:26:48
The private sector has a pretty poor record too. This might help.reply - lm1b2 2012/08/07 17:49:22+1Why are they not passing a bill that forces State,and private pensions to be fully funed!reply
