TEXAS COUNTIES’ “SS” SUBSTITUTE PLAN MORE THAN DOUBLES SS PAYOUT
CA State Assemblyman Ben Hueso and other liberal state legislators want to impose a social security requirement on any California city that establishes a “defined contribution” (a 401k-type) plan for new hires. Such a mandate will greatly reduce the money available for the employees’ retirement fund. In the city of San Diego, that would mean that instead of having 9.2% of pay of nonsafety employees put aside in an earmarked account and fully matched by the city/taxpayer, only 3% would go into the worker’s retirement investment fund. Ask young new hires which option they would prefer, and you’d find that probably 90% would rather have the money in their account rather in some D.C. Ponzi scheme that’s doomed to fail. The REAL goal of Huesoet alis to make the 401k-type plan less attractive for cities to adopt, encouraging the perpetuation of the insane defined benefit plans that are bankrupting one California city after another. Worker welfare or preference is NOT a consideration — never has been.
But to my point: There is a TERRIFIC… Read More