It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
El Paso County Commissioner Amy Lathen is leading a movement to give local governments the chance to bypass Social Security and move retirement money to more lucrative options.
The commissioner wants to see a federal law change underway by the end of 2014 that would allow El Paso County or other government entities to opt out and invest retirement money in "market-driven alternatives" such as mutual funds. The initiative has been dubbed SMART Options, with the first word in the moniker standing for "Stable, Market-Driven, Alternative, Retirement Transition."
"All we're trying to do is have an option," Lathen said, noting that she has been in communication with members of the U.S. House of Representatives Ways and Means Committee. She declined to share the names of those legislators, saying that once the members of Congress officially commit to sponsoring a bill, they will be made public.
Before 1951, state and local governments were not allowed to participate in the Social Security program. According to the Social Security Act the program was formed by the Roosevelt administration "to provide for the general welfare by establishing a system of Federal old-age benefits."
That mandate changed through a formal agreement and local governments were given the choice of opting in or out of the program from 1951 to 1983.
In 1983, the choice to opt out was eliminated when amendments were made to the Act.
originally posted by: neo96
Well if people could 'opt' out of social security employers could pay more of an 'hourly'.
That is a 12% increase per annual wages.
Since you are paying 6&, and the employers is matching that contribution at another 6%.
Talk about a pay roll 'tax cut' since SS is taken out without anyone ever seeing a penny.
Sounds good to me.