Give Elected Officials 401(k) Plans
What's good for the goose is good for the gander, right?
http://www.progressivepress.net/give-elected-officials-401k-plans/
Lately, there has been a lot of talk by the elected officials in many States, on ending pensions for public employees such as teachers, firefighters and police. Some of them even enacted on these talks, to pass laws to end guaranteed pension plans and turn them into 401 (k) option.
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How would it be done? Through binding referendums that would be voted in each state in November 2014. Realistically, we have about one year to get this measure placed on ballots throughout the country. The question could be, “Should the state of (fill in the blank) end all pensions for elected public officials and in return allow them to have 401(k) investment plans?” I think the question would win handily.
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From Capitol Hill to the local village board, the message of the times has been to slash costs, and a 401(k) appears to be the preferred option for providing retirement funds as elected officials attempt to dismantle the public employee pension system. So if 401(k)s are a perfect idea for the business world and government workers, then they should be just as acceptable for elected officials. After all, don’t many politicians say that government should be run like a business? I think all states could institute this change for every elected office. If states can set term limits for senators and congressmen, then why not change the way their retirements are funded?
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Now, pensions are nearly unheard of, except in the public sector. However, the move is on by elected officials, from county boards to the halls of Congress, to end pension programs for their employees and instead put them on defined contribution plans. So, if elected officials prefer 401(k)s for their workers, then they should have no problem accepting the same setup for themselves, right? State Sen. Mike Fasano in Florida proposed cutting the pensions for elected officials. Fasano’s bill died in committee without a vote.
