Comments on: Dems Order Private Sector Pensions

By: Senator DeLeon's Universal Retirement Security Act - Civic Finance

Senator DeLeon's Universal Retirement Security Act - Civic Finance — Mon, 13 Feb 2023 06:23:01 +0000

[…] DeLeon’s bill. You can read them in the San Bernardino Press Enterprise, the Pleasanton Weekly, CalWatchdog, CalWhine, and elsewhere. But when DeLeon says his bill “is designed to supplement Social […]

By: CalWatchdog

CalWatchdog — Wed, 29 Feb 2012 04:40:57 +0000

The law will require employers to provide and administer the plan, but employees will make the contributions.

I am doing a follow up story tomorrow, with more details about the bill, as well as the author’s intent.

– Katy

By: Moxiecat

Moxiecat — Mon, 27 Feb 2012 18:39:24 +0000

Keep passing such stupid rules so your employers will come to Texas-we like business owners and the revenue they generate! This was one of the funniest articles I’ve read in a long time simply because it evokes images of the Three Stooges running California…

By: Bob

Bob — Mon, 27 Feb 2012 05:07:46 +0000

So lemme git this straight.

Employers will be required to enroll their employees in this scheme if they do not offer employees a pension plan but employers will not be required to pay into the scheme.

Employees will be required to pay in 3% of their wages but can completely opt out of this scheme.

So far as best I can tell the politicians have not said what employees will get pension wise for paying into the plan at 3%.

So if employers don’t pay in and employees can opt out who will be dumb enough to stay in and pay 3% of their salary?

If employees can opt out to prevent a 3% reduction in their pay checks you can bet 90 plus % will do so.

By: Tough Love

Tough Love — Mon, 27 Feb 2012 01:23:27 +0000

I suspect there are multiple reasons for this proposal:
(1) As stated, to divert attention to the real issue … a VERY necessary need to reform Public Sector pensions, beyond just reductions for new employees. We need a “hard freeze” on the current DB Plans or a MAJOR (50+%) reduction in the rate of accrual for FUTURE service for CURRENT (yes CURRENT) workers.
(2) Allowing Calpers to only guarantee fixed income treasury level returns givens them a huge opportunity to invest in equities and keep the excess returns (to fund or expand the benefit level in Public Sector Plans).
(3) And of course to expand government even further into our lives via MORE regulations, and MORE workers (who pay Union dues of course).

Too bad it’s illegal to Tar & Feather legislators who propose such garbage.

By: Bob Smith

Bob Smith — Sun, 26 Feb 2012 06:02:51 +0000

If these funds are managed by CalPERS, they will have the opportunity to divert returns earned by private-sector pensions into the public sector pensions. Shave a couple points there, add those points here, with nobody the wiser. Or, outright steal a portion of private-sector pensions. It’s not as if the trustees of CalPERS would go to jail for doing it.

By: David H

David H — Sun, 26 Feb 2012 03:10:38 +0000

You will be required to invest in the system that will make you a bond man(slave).

By: Bob

Bob — Sat, 25 Feb 2012 05:57:12 +0000

Excellent Joe Sobran article:

http://lewrockwell.com/sobran/sobran-j24.1.html

By: Bob

Bob — Sat, 25 Feb 2012 05:25:49 +0000

Here’s a write up on it:

http://www.calwhine.com/half-baked-too-kind-to-calpers-for-all-baked-is-more-like-it/2329/

By: Beelzebub

Beelzebub — Sat, 25 Feb 2012 01:16:35 +0000

The pols always throw the peasants a few crumbs to quiet them down.

Remember after the meltdown in 2008 when Bush ordered the IRS to send single taxpayers a $600 stimulus check and joint taxpayers a $1200 stimulus check? Bush claimed the purpose of the stimulus checks was to give the economy a shot in the arm. But it had no effect whatsover on the economy. It was only a way to appease the peasants after he gave the banks a $800B TARP bailout.

The dems are trying the same ploy with the pensions. Throw a crumb or two to the private worker slaves to shut them up.

Who knows? It might work. In general people are pretty stupid.