UPDATE: IL Senate OKs State Retirement Savings Program
Looks like Illinois thinks they need to take employees money and save it for them for anyone working at a company with more than 25 employees that does not have a retirement plan.
Good news in all this is that the employee can opt out.
Illinois is one of the most poorly run states in the US. They have proven that all they do is take money slated for things, such as gov't worker pensions, and use it for their own desires.
They almost doubled our taxes in 2011, with the promise that it was to be used to pay the bills and pay down our mounting debt......they spent it and didn't use it as promised, and they are talking about raising it again. (and the tax increase in 2011 was supposed to be temporary, but they now want it indefinitely)
"The state would oversee the privately managed investment fund.":rofl:
Illinois couldn't manage a piggy bank, let alone all these taxpayers' funds. Guarantee you they will take the 3% from these Illinois workers and either spend it on new pet projects, or use it to mitigate the damage of their pension problems that are strangling this state.
Again, it will be good that they can opt out, and they'd be wise to do so and manage it on their own, if they so desire.
But just wait, there is more to this than saying they want to help them build a retirement account. They will impose new taxes on the businesses.
But wait, what about Social "Security"? I thought it was suppose to be some great program and the best investment for people??
If its so damn good, why do they need to come up with this load of bunk?
Looks like Illinois thinks they need to take employees money and save it for them for anyone working at a company with more than 25 employees that does not have a retirement plan.
Good news in all this is that the employee can opt out.
Illinois is one of the most poorly run states in the US. They have proven that all they do is take money slated for things, such as gov't worker pensions, and use it for their own desires.
They almost doubled our taxes in 2011, with the promise that it was to be used to pay the bills and pay down our mounting debt......they spent it and didn't use it as promised, and they are talking about raising it again. (and the tax increase in 2011 was supposed to be temporary, but they now want it indefinitely)
"The state would oversee the privately managed investment fund.":rofl:
Illinois couldn't manage a piggy bank, let alone all these taxpayers' funds. Guarantee you they will take the 3% from these Illinois workers and either spend it on new pet projects, or use it to mitigate the damage of their pension problems that are strangling this state.
Again, it will be good that they can opt out, and they'd be wise to do so and manage it on their own, if they so desire.
But just wait, there is more to this than saying they want to help them build a retirement account. They will impose new taxes on the businesses.
But wait, what about Social "Security"? I thought it was suppose to be some great program and the best investment for people??
If its so damn good, why do they need to come up with this load of bunk?
Put the internet to work for you.
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