[Henry10]

CT Govt now wants to expand their retirement Ponzi Scheme. It needs more contributors (i.e. suckers), because it can't pay current participants.

Here is how it'll work:

1- Govt will add this new tax to your paycheck.
2- Govt will create a bureaucracy to "manage" this program. This bureaucracy will balloon with time.
3- At one point, Governor will issue Executive Order to get rid of the "opt-out" provision, which means, as usual they will take your liberty away. So you'll be stuck.
4- Govt will collect this money and re-distribute it to its constituency, some welfare, some Public Union.
5- In due time, there will be a shortfall.
6- Govt will increase tax "to cover the shortfall", which of course it will be a spiral.
7- If someone proposes to privatize this program, they will be attacked as "wanting to throw grandma over the cliff."

Where have I seen this movie before? Oh, and I love the line about "transparency". Whoever wants this deserves to be fleeced.

[JayCT]

Looks like there has been some minor opposition to this from employers. Their concerns seem minor though. Jay

Report outlines employer opposition, support for public retirement plan | HartfordBusiness.com

[Henry10]

Originally Posted by JayCT

Looks like there has been some minor opposition to this from employers.

Minor opposition? Article said 48% oppose the Plan vs. 38% who support it. More people are against it than for it. That's not "minor opposition." If employers voted on it, losing by 10 points is a "shellacking."

Originally Posted by JayCT

Their concerns seem minor though. Jay

Minor Concern? Employers want the private sector to run the program, while State oversees it. That's the heart of the matter -- who runs the program.

Secondly, employers want the program voluntary. The state will try to make it mandatory. Otherwise, what's the point?

These are the meat and potatoes, and major. Not minor by any stretch.

[BobNJ1960]

Originally Posted by JayCT

The state is considering offering a Public Retirement option for private company employees. A study conducted by the state shows the plan could become fully self-sufficient in 2 years and offer private sector employees the security of a retirement income that is not available in 401k or other plans. Connecticut is the first state to consider doing this. Thoughts? Jay

Report: Public retirement for private-sector workers feasible | HartfordBusiness.com

It's too early for an April's Fool prank.

[Sigequinox]

Originally Posted by Mr_250

I see how "well" the state is doing with their own money. No way on this earth I would let them run my retirement account.

I'd rather give darts to an ape and have him hit tickers on a wall and invest in those over entrusting the state of CT to make me money in the long run.

How about let people be adults and if they want a Roth or Ira they can sign up themselves?

They want to retire let them start savings at a young age, if they don't, ooo well.

lol, I feel the same way. CT isn't exactly the poster boy of financial responsibility. Once I earn any real amount of money I will get a financial advisory, not fork it over to a state in decline. I think my money would be better invested in a game of street dice in some alley of the hartford ghetto. This also stinks like the substrate for state level social security (directly taken from paycheck involuntarily). I'm already forced to invest into a "social security" scheme that won't exist by the time I retire. no need for another. Where's the "no thanks" button? Better yet, where the "block user. forward to spam" button?

[Rich Cabeza]

Originally Posted by AMSS

The public pension fund is contantly raided so more people joining in would likely be helpful.

Sort of like a Ponzi scheme then? Sounds like something the state would do

[Sigequinox]

Originally Posted by Rich Cabeza

Sort of like a Ponzi scheme then? Sounds like something the state would do

http://www.youtube.com/watch?v=RqePdfvOeiY

[JayCT]

Originally Posted by Rich Cabeza

Sort of like a Ponzi scheme then? Sounds like something the state would do

Oh come on now. This is not a Ponsi scheme or even close. It will be a simple 401k like plan just like larger employers offer. Stop being such a cynic. Jay

[dazzleman]

Originally Posted by JayCT

Oh come on now. This is not a Ponsi scheme or even close. It will be a simple 401k like plan just like larger employers offer. Stop being such a cynic. Jay

Would it be a defined contribution plan or a defined benefit plan? If it would be a defined benefit plan, my concerns would be much greater. I want to like the concept, but the state's track record for honesty and competence is so poor that it's hard to trust anything they propose.

[Henry10]

Originally Posted by dazzleman

Would it be a defined contribution plan or a defined benefit plan? If it would be a defined benefit plan, my concerns would be much greater. I want to like the concept, but the state's track record for honesty and competence is so poor that it's hard to trust anything they propose.

We have a safety net in place -- welfare for seniors who didn't earn Social Security, and Social Security Insurance for those who did.

So no senior will die in streets. If you didn't plan, on SS alone you may not enjoy life as someone who did work and planned for retirement.

So what is this State supposed to achieve? Guarantee everybody a lifestyle?

Same old, same-old. Give us your money, give us power and we promise utopia. If everybody just surrendered more of their hard-earned money to the politicians.

Not surprised at politicians scheming this. I am just surprised some people still buy this BS.