posted on Dec, 28 2016 @ 10:49 AM
a reply to: ManBehindTheMask
Yes, that is a govt entity that opted out. Programs like that one are set up with a stable workforce in mind; employees are "vested" in the program
after so many years of employment. It used to be that corporations also had a stable workforce, employees getting their "50 year" pin at retirement,
but that went away decades ago.
What the (American) corporate oligarchy have wanted for decades now is to have a workforce that no longer depends on them for benefits (and now also
the right to do with their workforce whatever they want). Other countries in which they had to compete had govt health and retirement programs.
Corporations in those countries didn't have to pay "worker benefits".
Corporations will not normally set up the type of program in your source, because the investing is meant for a pool of stable workers. What the
corporate elite opted for instead is the 401K, a "portable" retirement plan. SS is also a portable plan, but it was never meant to be the single
source of retirement income.
There is nothing wrong with a 401K (and similar investment ideas) per say, as long as one had a stable retirement income coming in from another source
(i.e. SS). But the idea now is that the 401K is THE retirement income, because the Koch ideology wants to strip govt of all its modern world
functions, making military, policing, and courts its only function. There will be no more SS or SS disability. They believe there is no govt role in
"general welfare". No commons, no well fare.
And, yes, Wall Street indeed has gone along with the Koch Bros ideology, because Wall Street could hardly wait to get their hands on all your private
investment dollars! And the financial industry could sell you more "products".