Posted on 01/05/2015 9:37:59 PM PST by Citizen Zed
Illinois is taking a novel approach to getting its residents to save for retirement. Starting in 2017, most state residents who don’t already have a retirement plan at work will be automatically enrolled in individual retirement accounts, funded through a 3 percent deduction from their paychecks.
The program will be created under a law signed by Gov. Pat Quinn on Sunday. Participation will be voluntary, but workers who don’t want to save will need to opt out manually. (They will also be allowed to save more than 3 percent if they wish.) An estimate produced by the plan’s backers found that up to two million of the state’s residents may end up with the accounts.
The plan, called Secure Choice, aims at a gap in America’s retirement saving system: Employer-based savings plans are supposed to be an important source of Americans’ retirement income, but large employers are far more likely to offer such plans than small ones. The plan is similar to one President Obama has advocated at the federal level, and if it is successful in getting more people to save, it may end up being a model for other states and the federal government.
(Excerpt) Read more at mobile.nytimes.com ...
Guaranteed.
Ah, so all the dough gets “locked in a LOCK BOX”...?
Suuuuuure....!!
> The legislature will steal the money, spend it on buying votes from Low Information Voters, and leave the savers flat.
Guaranteed.
You can bet your bottom dollar they will. Our government has turned into nothing more than thiefs using the power of lthe pen to rob us blind. They steal more than any bank robber could steal in a lifetime in one day.
People should have a choice to enroll in that retirement program, but i wish i had been enrolled in a similar one. It’s too late for me to accumulate much savings but i give it another try this year.
What a bunch of creeps.
A little tin box
A little tin box
That a little tin key unlocks.....
They've already pulled off the greatest robbery in all time, which was TARP. It will never be equalled in my lifetime, it was so bulgingly vast. Incredible. I'd like to have just the interest on the interest (Assuming >0% rates!) on that pile of loot, plunder, dosh, booty.....
Did the arithmetic on my own proposition, and 2% of the 2% on the $2 trillion of TARP comes to $800 million. Not bad. I could buy Lamborghini in every color of the rainbow with just the first instalment.
Dems trying to build up another trust fund to rob. Lovely.
That money certainly won’t be there when those individuals retire!
And Quinn and cronies will be delighted to “invest” it in their own pal’s banks and companies ...
It’s a voluntary program...........
Yeah, no thanks. I save what I want to save in the mechanisms I want to use.
I think any legislation that is “preemptive yes” that takes tings away from people - money, organs, life - ought to be illegal, automatically regarded null and void, and the lawmakers kicked out for violating their oaths and the constitution.
I agree. This is very wrong.
> It’s too late for me to accumulate much savings but i give it another try this year.
Hell I had quite a bit put back until OBAMA hit...now almost nothing...
And then this pool of captive savings from the serfs can be used to pay off government debt.
The USA is turning into Argentina.
How can be voluntary if you have to opt out- I could see if you had to opt in. I would bet this will cost taxpayers alot of money when it is challenged in court
you made a mistake. you meant to title this semi-news in the satire section.
If you mean you get to opt out after being forced into it, then it is “voluntary.” Voluntary in my book would not require the action of opting out but oping in.
>> And then this pool of captive savings from the serfs can be used to pay off government debt.
Ha! If only.
They’ll spend it on NEW “programs”. Hide and watch.
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