California to offer State-Managed pensions for the Private Sector. Businesses with 5 or more employees that don’t offer pensions or 401(k)s will be required to contribute 3 percent of a worker’s salary to a retirement account. Having the California kleptocrats “manage” your pension is like having Otis the Town Drunk manage your liquor cabinet. Luckily the Gold-digger State doesn’t need to worry about job creation or anything like that.
This post was last modified on January 26, 2021
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At least Otis is a lovable character you can always count on having a drink with when you're a little down. These people, they drink theirs then drink yours, then tell you that you gotta buy them another one.
I read this as the employer is "required" to pay 3%, not the employee. So new employees will be offered 3% less and current employees can expect their next raise to be 3% less. I was in a corrupt union (I know, redundancy) once that "required" everyone to contribute to a pension fund. You guessed it, in a few years it was all gone. Nobody knew what happened to the money.
That said, I would much more trust the union criminals that the any government bureaucracy. Can you imagine the overhead involved in managing this fund. The "contributions" wont begin to pay for the hoards of bureaucrats and kickbacks required.
Notice it says they will be "required" to contribute...wonder who is gonna enforce that? Probably get a visit from some SEIU thugs who will show you a neat trick about how your knee can bend backwards..Or someone from the Franchise Tax Board (Kalifornia's nastier version of the IRS)...This might just be the final nail in the coffin for small business in Kalifornia.....Who is gonna want to open a business in a state that's perpetually broke and dysfunctional? You would have better Odds going to one of those Indian Casino's that Elizabeth Warren's relatives own...Business in kalifornia? or Gambling? same result the house always wins...
I might mention a new development. LA has started a new government funded program that will help people trying to start a business in Taxifornia to fill out all the forms and meet all the criteria they need to get er done. So the answer here in wackyland is government programs to fix the problem of too many government programs.
That's the formula for an exponential curve, which means shortly nobody will be in private industry and everybody will be employed by the government. Or in leftist speak - utopia!
Those people helping fill out the forms will be real lonely since nobody will know want to open a business in Taxifornia.
With 12 percent unemployment, the California Democratic machine just made starting a small business even harder. It's like a 3 Stooges short - the Dems are on the Titanic, but are busy drilling holes in the bottom of the boat to let the water out.
And when these bozos promptly squander that money, next comes the confiscation of 401k's and IRA retirement accounts to fund it.
Guess I'll start a few more 4 employee companies and sub my work out to myself.
Talk about the backdoor! What could go wrong?
Were they having a contest with New York to see who could drive private businesses out of state faster? If so, they win.
Now that is putting the fox in charge of the hen house. Anyone stupid enough to enroll in this scam deserves to lose every single cent that they put in.