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County wants 'Opt-Out' from Social Security

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posted on May, 12 2014 @ 09:20 PM
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Commissioners: Opting out of Social Security should be option for El Paso County employees



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.


Since many believe that Social Security is not going to be around much longer unless things change, Lathen and two University of Colorado at Colorado Springs professors shared research findings at a recent Board of County Commissioners meeting, concluding that shifting funds to private-sector investments could provide economic stimulus for people, states and the federal government as well as increase monthly income for retirees




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.


According to the U.S. Department of Labor's Bureau of Labor Statistics about 14 percent of the 19.1 million full and part-time state and local employees were covered by Social Security in 2012. Kim Melchor, a spokeswoman for Colorado Springs, said city employees do not participate in Social Security


What do you think?
A good time for a change--to allow local governments to invest retirement money in market-driven alternatives
Another option that may have a positive outcome for everyone

Or just let it be--Social Security -- and let it run it's course


edit on 12-5-2014 by snarky412 because: (no reason given)




posted on May, 12 2014 @ 10:06 PM
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That sounds like a horrible idea.

I'm not really keen on risking my retirement on some hedge-fund manager who could stand to make money for himself by wiping out my life savings. Yeah...no thanks.



posted on May, 12 2014 @ 10:30 PM
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a reply to: links234

I'll have to second that.

Congress need simply pass a law that SS funds may not be borrowed against ... and all the accrued debt must be paid back as a first priority. If one dollar is spent for anything else ... whatever debt remains doubles annually. That'll fix SS.

There's always an easy way. And, believe it or not, SS was a solid program before politicians got to tinkering with it.



posted on May, 12 2014 @ 10:31 PM
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a reply to: snarky412

Ya, well I want an opt out on my property taxes.

Ain't gonna happen.
edit on 12-5-2014 by pirhanna because: (no reason given)



posted on May, 12 2014 @ 10:36 PM
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The problem with SS was all the borrowing from it mostly for porkbarrel projects. Now it is a mess but needs to be fixed this plan seems like it would be a disaster waiting to happen especially if the market drops again.



posted on May, 12 2014 @ 11:12 PM
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originally posted by: pirhanna
a reply to: snarky412

Ya, well I want an opt out on my property taxes.

Ain't gonna happen.


Don't we all!!!!

Guess there is wishful thinking...*sigh*



posted on May, 12 2014 @ 11:43 PM
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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.
edit on 12-5-2014 by neo96 because: (no reason given)



posted on May, 13 2014 @ 12:03 AM
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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.



That is a good positive take on it, from your point of view

Thanks



posted on May, 13 2014 @ 12:08 AM
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Yeah, does anyone actually believe that employers would "redistribute" that money to their employees instead of just pocketing it? That's probably the reason this woman wants to see this bill passed, so she can get a cut of the "savings".




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