NYT - 9/22/12 - California Takes On the Retirement Crisis
One of the advantages of the plan is that pooled contributions and professional management would reduce administrative costs and investing mistakes, which would boost returns beyond what most 401(k) investors achieve on their own.
The plan also calls for a guaranteed minimum return, via private insurance and reserves. That would be expensive, so the guarantee would likely be very modest, but it would ensure that all participants ended up with something, without requiring taxpayers to incur the risk of making good on investments gone bad.
What could possibly go wrong?
smoke mirrors swindle are good words to search for googling this scam.....
It’s a 3% tax that will be used to bail public pensions.
And when the poor reach retirement age and discover the Democrats raided their retirement fund long ago and spent every penny, who will get the blame? Republicans, of course.
Is this the same congress that has never managed to manage anything successfully? This sounds like another tax to me. A tax on poor people because inflation is not stealing money fast enough, yet.
I hope the synaguage of satan can spend all that money before they go to hell
california wants to collapse first, and doing so, will get bailed out, leaving nothing for the rest of the moochers.