CALIFORNIA: SEIU Local 1000 president supports retirement for all

SacBee: The State Worker ^ | 5/8/12 | Jon Ortiz

[SmithL]

Risky retirement plans aren't doing right by U.S. workers, SEIU Local 1000 President Yvonne Walker says in a CNN.com piece published today, and she thinks a California retirement-for-all bill is a "step in the right direction."

Walker's op-ed item refers to Senate Bill 1234, by Sen. Kevin de León, D-Los Angeles, which would establish a state-administered retirement fund for private-sector workers.

[moovova]

What? Everybody gets to retire right now?

I could go for that.

[Argus]

establish a state-administered retirement fund for private-sector workers

So the politicians can steal from it!

[DuncanWaring]

Politicians, and union bosses.

[Kozak]

I want a unicorn that craps skittles too...

[Navy Patriot]

A state grab for money as California government retirement plans are all insolvent and will default.

Grab the cash from solvent private plans.

[schu]

would establish a state-administered retirement fund for private-sector workers.

What a great idea! Kind of like SS, what an awesome program that has turned out to be! Plus, they can start withholding taxes from everyone to pay for it and put the excess reserves in a lock box so no one from government can ever misuse the funds!

This sounds great!

schu

[Kozak]

At this rate it won’t be a problem as there won’ t be any private employers left in California.

[TurboZamboni]

a white hispanic would just shoot it.

[dragnet2]

What? Everybody gets to retire right now?

No, most in the private sector have zip, zero retirements outside of Social Security. And the government looted that too.

This is due to 10+ years of private sector stagnant wages, stripped benefits, lost careers/jobs, cut hours, massive unemployment, all while the cost of everything skyrocketed.

[EGPWS]

establish a state-administered retirement fund for private-sector workers

So the politicians can steal from it!

That way they don't have to call it a tax and they STILL can steal our hard earned labor.

[KarlInOhio]

It is so much easier to convince people to buy the bonds of a nearly bankrupt state when you can do it at gunpoint.

[YankeeReb]

establish a state-administered retirement fund for private-sector workers.

FDR did that and it's going bust.
How about , and I'm just spitballing here, if I take my own $$$ and put it into an account that only I can access. Here's the fun part: What if every cent I put into this account was put in before taxes, and it grew interest, tax free.
hmmmmm could something like that work??? NAAAAAH!!!!

[Cementjungle]

Awesome idea. I keep hearing that Ca. has so much surplus money floating around they can’t find enough uses for it. I guess theis will help with that little problem.

[MasterGunner01]

Let's see if I get this, the SEIU 1000 chief wants everyone, including all PRIVATE employees, to be covered by a state retirement system? So the state will collect retirement money from every one (except illegals and those not paying taxes), manage this money wisely, grow the money with sound investments, and then pay a good retirement annuity to every Californian when they're ready to retire.

This program is going to be administered by the same politicians who have bankrupted the Golden State? What could go wrong? Is the state going to confiscate 401 (k) plan monies or IRA;s to lard-up their coffers? What about the unfunded public employees? Are they going to steal the private sector money to fund the insolvent plans? Just asking.

[LucianOfSamasota]

I LOVE this plan!!!!!

Progressives all believe that they have outgrown the superstition of belief in a higher power.

But they haven’t.

They believe in the Money Faerie!

[Cyber Liberty]

Sign me up.

[SZonian]

"...state-administered..."

Code for; "Additional slush fund for pet democRAT projects".

[Nifster]

Just another reason why CAlifornia has gone down the toilet.....

I am sorry that the rest of the country will be called on to bail out this pathetic dregs of humanity

[drypowder]

sounds like another government ponzi scheme to take money from the citizens so politicians can then scam the pot