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Are those living in Calif. aware of Bill 1234 that will withhold 3% of yr earnings effective Jan 1??

 
Night Owl

User ID: 9706870
United States
11/19/2012 08:43 PM

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Are those living in Calif. aware of Bill 1234 that will withhold 3% of yr earnings effective Jan 1??
POLL: Do you think this is a good idea?
 YES, no other way I can save for retirement
 No, people should be allowed to choose from themselves
 NO, as in HELL NO
 Don't care just want to see the results
 Blank (View Results) 


I don't remember seeing any posts about this, but it takes effect on January 1, 2013. YIKES!
Bill 1234 signed into law by Jerry Brown around Oct. 1st requires all Employers in private businesses with 5 or more employees to withhold and deposit 3% of a worker's pay into the California Public Employees Retirement System (CalPERS) effective Jan. 1, 2013 IF that employer does NOT offer an alternative retirement program. Employees are ONLY allowed to "opt out" by signing form(s)now and every 2 years thereafter.

Better check it out if you live in Calif.!! Otherwise you will be helping to bail out the broke CalPERS system and you'll probably never see a dime! Not to mention you'll be getting 3% less of your paycheck!

What do you all think?? It suppose to be a beneficial thing for those who work for companies that don't provide a retirement program. Hummm... if that were the case they could voluntarily open and contribute to a ROTH IRA or a regualar IRA. Me thinks this is way for Calif. to bail out the broke CalPERS systems with private dollars and no cost to them!!

[link to www.leginfo.ca.gov]

"Senate Bill 1234 Creates Nation’s First State-administered, Retirement Savings Program

Sen. Kevin De Leon’s Senate Bill 1234 is another historical landmark for California’s workers, but in the private sector.

Currently, there are 6.3 million private sector employees without pension plans in California.

SB 1234 establishes a state-run retirement savings program that is funded by an automatic 3 percent payroll deduction.

According to De Leon’s website, 84 percent of Californians that work for employers with 25 employees or less, do not have access to retirement plans.

In a statement on his website, De Leon remarked:


“This is a major step forward for retirement security in America,” said Senator De León. “I am grateful for Governor Brown’s acumen and with his leadership we are setting the path for middle class hard-working Americas to prepare for retirement so they won’t be forced into poverty.”

SB 1234 will also go into effect on Jan. 1. "
[link to www.neontommy.com]

[link to www.californiahealthline.org]
Night Owl (OP)

User ID: 9706870
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11/19/2012 08:54 PM

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Re: Are those living in Calif. aware of Bill 1234 that will withhold 3% of yr earnings effective Jan 1??
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SilverPatriot

User ID: 10518597
United States
11/19/2012 09:09 PM

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Re: Are those living in Calif. aware of Bill 1234 that will withhold 3% of yr earnings effective Jan 1??
It appears to simply be a scheme to bilk what amounts to a tax upon workers to support their tax and squander money and I doubt you will see any returns from the money they invest in this scheme.

BILL NUMBER: SB 1234

The bill would require the board to ensure that an insurance, annuity, or other funding mechanism is in place at all times that protects the value of individuals' accounts and protects, indemnifies, and holds the state harmless at all times against any and all liability in connection with funding retirement benefits pursuant to these provisions.

(1) Employees seeking financial advice should contact financial advisors, that employers are not in a position to provide financial advice, and that employers are not liable for decisions employees make pursuant to Section 100034.
(2) The program is not an employer-sponsored retirement plan.
(3) The program fund is privately insured and is not guaranteed by the State of California.

[link to www.leginfo.ca.gov]
Night Owl (OP)

User ID: 9706870
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11/19/2012 09:23 PM

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Re: Are those living in Calif. aware of Bill 1234 that will withhold 3% of yr earnings effective Jan 1??
Yep, seems like nothing more than a way to keep the Ponzi scheme going with new money! Have to give them an "A" for creativity, though! Most folks will just go along with it because they either don't know, don't care or just too lazy. This will probably kick the can down the road for Calif Retirement fund for another couple years at least!

Probably won't hear anyone sqwauking until they get their first Jan. paycheck and it is missing 3% for Retirement and another 2% for the Social security forgiveness that expires the end of the year. Plus increased Calif. taxes, Federal taxes etc.....
Anonymous Coward
User ID: 14408911
United States
11/19/2012 09:39 PM
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Re: Are those living in Calif. aware of Bill 1234 that will withhold 3% of yr earnings effective Jan 1??
Should be interesting to see how it all works out for them

As you can imagine being the political activists we are we’ve have had our hands full for the past couple of weeks. Now that decision 2012 is behind us, let’s look at what has been accomplished.
The first item is a democratic supermajority. For the first time in eighty years, the opposition is irrelevant and just going along for the ride in Sacramento. For democrats, it is a watershed moment to prove that they’re more than tax and spend politicians, that they can effectively govern without driving business out of the state or country, that they can solve the budget and pension issues without kicking the proverbial can down the road with budget gimmicks and phantom revenue. For republicans, they’re just sitting back in disbelief chanting election armageddon has paid a visit to California and that taxes, regulation and unemployment are poised to skyrocket.
Let’s prove them wrong.
[link to judicialcouncilwatcher.wordpress.com]
Anonymous Coward
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11/19/2012 10:08 PM
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Re: Are those living in Calif. aware of Bill 1234 that will withhold 3% of yr earnings effective Jan 1??
Can we opt out? This is CRIMINAL!! Never heard about this!!
Night Owl (OP)

User ID: 9706870
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11/19/2012 10:39 PM

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Re: Are those living in Calif. aware of Bill 1234 that will withhold 3% of yr earnings effective Jan 1??
You can opt out, however you have to ask for the form to fill in and sign and submit. Probably your Employer has the forms [maybe]. However, the "Opt Out" as I read it is only good for 2 years, then you have to remember to sign another Opt Out form. Easy to forget to do! Don't know if there is a time limit on filing the Opt Out Form or not. I'm not from Calif. so don't have the details. Maybe someone on GLP does??

Spread the word!
Anonymous Coward
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11/19/2012 10:44 PM
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Re: Are those living in Calif. aware of Bill 1234 that will withhold 3% of yr earnings effective Jan 1??
For democrats, it is a watershed moment to prove that they’re more than tax and spend politicians, that they can effectively govern without driving business out of the state or country, that they can solve the budget and pension issues without kicking the proverbial can down the road with budget gimmicks and phantom revenue.

1rof1
Night Owl (OP)

User ID: 28161785
United States
11/20/2012 04:23 PM

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Re: Are those living in Calif. aware of Bill 1234 that will withhold 3% of yr earnings effective Jan 1??
People in Calif. don't seem to be aware of this issue....

Need to get the word out so folks have a choice!!

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