|The People's Republic of California is working hard to see how many |
businesses they can drive away from the state.
Socialism Gone Mad - Insane California Democrats want to create their very own state level "Social Security" system . . . after having already bankrupted the state.
- Socialists want to create a brand new California run "retirement savings" program for private sector workers.
- This personal pension program would be supervised by the very people who bankrupted the state.
- Any employer who fails to enroll in the program or offer their own pension plan would be fined $1,000 per employee.
- The Socialist legislator's bill says the state will guarantee the investments - that is taxpayers will cover any shortages.
Two leading Democrat Socialist legislators in the People's Republic of California introduced legislation Thursday that creates a new state level retirement savings for private-sector workers of "modest means". The bill would form a government-run program for private-sector workers whose employers do not offer pensions or 401(k) plans.
They said it could help an estimated 6.7 million California workers.
California Democrats appear to be in a contest to see just how many employers and jobs they can ship to other states and nations. Never mind what company in its' right mind would even want to build a brand new business in California?
Socialist Democrat Senator Kevin de Leon and Senate Marxist Whore President Pro Tem Darrell Steinberg introduced the People's Bill SB1234.
This People's legislation would require employers with five or more workers to enroll them into what they have termed a "personal pension program" to be run by a state board. Their idea is to get small-business employees and hospitality workers who don't make much money to save more for their retirement reports the San Jose Mercury News.
The Socialist lawmakers said they believed their program would be the first in which a state government established a retirement program for workers in the private sector. As a program with little or no precedent, several issues remain unsettled, such as whether California taxpayers would ever be on the hook if future investment returns failed to meet projections.
SB1234 would establish the Golden State Retirement Savings Trust, which would be administered by a six-member board, including:
- The State Treasurer
- State Controller
- Director of Finance
- and an appointment each by the Governor, Senate and Assembly.
A Giant Clusterfuck - Let's see . . . . the idiot Socialists who ran California into bankruptcy and higher taxes want to be the managers of a new slush fund, I mean investment fund, that could perhaps amount to billions of dollars.
Private-sector workers would automatically have 3 percent of their earnings set aside in the trust, unless they opted out. Take a guess how long it will be until they are not allowed to drop out and employers will be forced to "match" their contributions?
Unlike in an individual IRA or 401(k) account, their benefits—defined as their contributions plus earnings—would be guaranteed when they retire.
Republican lawmakers warned that taxpayers or employers could wind up on the hook to cover any shortfalls if the government starts guaranteeing benefits to private-sector employees.
Under proposed legislation, an employer who fails to enroll in the program or offer their own pension plan would be fined $1,000 per employee after a 90-day grace period.
(San Jose Mercury News)