Well, that’s not what Jerry Brown and legislative Democrats claim their bill would do, but how can we doubt that wouldn’t be the effect. Here is what they are claiming, as reported in the SacBee:
The goal is to create a savings program in which workers who have no access to a pension can count on a guaranteed rate of return for contributing about 3 percent of their salary.
Sounds laudable? But who will control the money? Who will guarantee the rate of return? According to the article, private insurers would, because:
Money would be pooled in a state-administered fund that would be professionally and conservatively managed and invested.
So why should anyway be nervous. All those billions will be tucked away safely in the care of the state. The governor wants to make sure that the money is safely managed by his cronies appointees.
Before committing himself to the concept, Brown sought and received the requirements placed in SB 923 – that lawmakers take a final vote before implementation and that a board overseeing the program be increased from seven to nine members, five of whom would be gubernatorial appointees or officials of his administration.
That reassures me. And the record of CalPers in managing pension benefits for state employees has been so sterling, with 99% of private funds outperforming it, I don’t see why private businesses are having misgivings.
My immediate suspicion when I read this news is that the state intends to commingle these funds with the state pension monies. The Appeal-Democrat reports that Kevin De Léon, the main sponsor of the bill, has previously gone on record for calling for all private sector workers to be folded into CalPers. Might this be step one, and the next step taken under the disguise of “efficiency?” Of course it will. The state Democrats are determined to drive every private business out of the state. I wonder who they think will pay the taxes to pay for their hare-brained schemes.
If you are STUPID to Trust any of our Government then you will deserve what you will NEVER Get for your Future .
I’m an OLD Guy and I worry every day as to WHEN I will hear on TV News … Sorry all my fellow OLD Americans … but we can NOT pay Medicare or Social Security any more … Good Luck !!
Things that are funny: when Republicans pretend to care about workers.
From TA: Things that are even funnier: When extremists don’t get that “workers” aren’t just Democrats. Next thing they’ll be telling us: To have a job, you have to be a Dem.
Mr. Democrab, I note that you refute not one of my points. Do you really think that commingling private pension funds with CalPers is a good idea? Let me know why that is good for workers. Or are you just pretending too?
“Things that are funny: when Republicans pretend to care about workers.”
After seeing what the Obama Admin. did to GM non-union workers’ pensions, I’d be plenty scared of what Democrats do to retired workers.
I, for one, am pretty tired of the Democrats’ retirement plan agenda:
1- claim that Republicans don’t care about workers:
2- screw non-union workers out of a contracted pension
3- claim that Republicans don’t care about workers:
4- reward union retirees with the money stolen from non-union retirees
5-claim that Republicans don’t care about workers:
6- force taxpayers to join a failed pension program
7- claim that Republicans don’t care about workers:
8- screw taxpayers of their pensions when CalPERS fails to reward public union employees
9- claim that Republicans don’t care about workers:
Two things are consistent with the Democrat’s plan for retirees:
1- non-union retirees get robbed
2- they claim that Republicans don’t care about workers
Democrab – I care about ME and all of the money the govt takes from me and says it is part of my retirement, between SS + Medicare (my contrib/employer’s contrib) 15%, and my 8% to my 401K, I am only in control of the 8%, I should be in control of all of it, good for you that you trust the “govt”, I will take the risk, wish I had the OPTION to do so! This type of legislation will drive even more productive people OUT of California. It must be what Democrats want, because it is working: