NJ legislature enacts a plan to mandate a state-run private sector pension fund

Because nothing says "freedom" quite like a mandatory retirement contribution automatically deducted from your paycheck, and invested by the same bozos who can't keep the public employee pension system solvent.

A name that would make Orwell proud — Secure "Choice" — for a plan that is mandatory.

Thanks John Roberts. Now that the government can force us at gunpoint to buy health insurance, mandating a retirement savings plan is the next logical step for the perpetual nanny state. Why let people decide what's best for themselves when there are omnipotent bureaucrats ready to do our thinking for us?

The program, which would take effect within two years of its passage, would be administered by a seven-member board of officials from the governor's administration and appointees by the Senate president and Assembly speaker. Total investment and administrative fees could not exceed 0.6 percent of the fund balance, under the bill.

Anybody wanna lay odds on George Norcross being appointed by our esteemed Senate president?

Hello slush fund!

Translation? We're going to "invest" your money, and if we lose it all, tough.

The cynic in me says it's a backdoor way to funnel cash into the depleted public worker pension system. Steve Sweeney is desperate to make his unionista buddies whole and the allure of a 3% tax on every working resident seems too good to pass up.

All we'll need to seal the deal is Vinny Prieto saying, "If you like your 401(k) you can keep your 401(k)."

Because really, what employer is going to stick with the hassle of administering his own 401(k) plan when the state will do it for him? Fill out a form, check a box, and presto!, it's somebody else's problem. They'll be lining up to dump their employees into this thing.

Then as the cash rolls in, our bureaucratic betters will be sorely tempted to tap it for the "benefit" of all. And what recourse would we have when it gets sunk into Transportation Trust Fund bonds earmarked for light rail and a new Hudson River tunnel?

That's right, none. All your retirement money are belong to Steve Sweeney. What could go wrong?

Posted at 11:28 by Chris Wysocki   [/nj_politics]   Comments | Perm Link |
Technorati Tags: New-Jersey NJ-Politics retirement 401k pension   |   Tweet