New Yorkers may have a new way to save for retirement

[WNYresident]

I find this to be a bad idea. Someone is lobbying for it because their fingers are going to be on the receiving end.

New Yorkers may have a new way to save for retirement

ALBANY -- New Yorkers might have easier access to retirement savings plans if a program called Secure Choice is kept in the state’s budget this April.


Lt. Gov. Kathy Hochul and AARP in recent days have urged state legislators to vote the program into law, saying it would provide a new way for workers to save for retirement.


“I have always understood the stresses our seniors are under when it comes to enjoying financial security in their later years,” said Lt gov. Kathy Hochul in a statement. “In our state, we believe that the Secure Choice ‎payroll deduction will create savings that will protect our seniors after a lifetime of work.”


More: Why a promising NY savings plan for homes is being stalled
Secure Choice would create a voluntary payroll deduction to help New Yorkers save for retirement who might not be able to otherwise.


The program would establish a retirement savings plan through an IRA payroll deduction through employers.


Employee contributions would be managed by a professional investment firm overseen by the state, and each employee would own their IRA – and could take it to any new job.
Businesses wouldn't have any responsibility and would not match employees’ contributions. They would only need to add an automatic deduction line to employees’ paychecks.

http://www.wgrz.com/article/news/new...ment/524974269

“I have always understood the stresses our seniors are under when it comes to enjoying financial security in their later years,” said Lt gov. Kathy Hochul in a statement. “In our state, we believe that the Secure Choice ‎payroll deduction will create savings that will protect our seniors after a lifetime of work.”

What would help seniors MORE is if we eliminated wasteful spending and handouts.

Secure Choice would create a voluntary payroll deduction to help New Yorkers save for retirement who might not be able to otherwise.

YOu can do this now without the "help" of the state

The program would establish a retirement savings plan through an IRA payroll deduction through employers.

You can do this now through https://www.fidelity.com/ or other investment services.

Employee contributions would be managed by a professional investment firm overseen by the state, and each employee would own their IRA – and could take it to any new job.

Cha-ching... A politically connected investment firm.

Businesses wouldn't have any responsibility and would not match employees’ contributions. They would only need to add an automatic deduction line to employees’ paychecks.

More for a business to do. Let the employee setup their own IRA and they can auto deduct from their own banking account.

AARP and dozens of other organizations around the state sent a letter earlier this month to legislative leaders to include Secure Choice as a part of the state’s budget.

Why does there have to be a budget for something you can do that doesn't need state involvement?

In the letter, it stated that people who have access to a retirement savings plan at work are 15 times more likely to save for retirement than people who do not.

Every person I know of has access to a retirement saving plan now. Who came up with 15 times more likely?

[grump]

Another attempt at theft from NY workers brought to you as usual by the Democratic Party. This money will be gone the instant that it is received by the state and will be funneled to the usual Democratic boot licks and ass wipes. Not surprisingly, it is brought to us care of Hopeless Hochul and the AARP, a long standing shill group for Democrats. I can understand Hopeless’ supposed concern about pensions for New York workers. After all, Hopeless and her husband, Hapless, have spent most of their adult lives nursing at the public tit with its extravagant pension benefits. So they’re really attuned to the needs of working people. Phonies!!!

[grump]

Didn’t Obama propose a similar scam at the federal level? That was after his executive order allowing him to seize all retirement accounts in America for any reason or no reason was declared unconstitutional. Shortly after the federal judge ruled Obama’s order unconstitutional the federal judge was murdered. What a coincidence! Isn’t life strange? Il Douche has already fired a shot across the bow of the state judiciary with his proposal that the judges be forced to keep time records...his way of warning them they’d better go easy on his friends like Pigeon.