SB 1234 (De Leon) Retirement Savings Plans
California’s current budget deficit is around $15.7 billion and its unfunded pension liability is around $500 billion. So, based on the strength of its fiscal management skills, the state would like to jump into the deep end of the red ink and develop a NEW pension system for the private sector. “No, really, trust me, THIS time I know what I am doing.” Encouraging folks at every income level to invest in their future is a great thing, but, hello! Pot, meet kettle. Since even the state can’t manage to take their own advice, why should they force more expense and liability on the very businesses that are keeping them from the poor house? SQUIRREL!