The Mystery Party’s leader, I’ll call him Gov. Fudge Brownie, recently signed into law a bill (SB1234) by which the state of California intends to begin operating it’s own social security system for state residents. All residents not covered by a company pension plan will automatically be enrolled into the new CA social security system. At the beginning residents may opt out by writing a letter to the state, which it is my understanding they must do every two years during “Open enrollment”.
A politically appointed board will oversee the plan and the money will be invested in “very conservative instruments” with a return “similar” to T-bills. The investments will be handled by the Calif. State Public Employee Retirement System (CALPERS) and / or by a private investment firm. A worker will have 3% of his salary automatically deducted and will receive a defined payout when he retires.
The Goebbelses at the NY Times declared it is, “So they will have a little something when they retire”. I guess the Times forgot that “they” already have something, the 3% of their pay that will soon disappear. Really, if “They” wanted t-bills, “They” could just buy them!