Correctional Plan referendum on Social Security set for December
Correctional Plan members are currently participating in both PERA and Social Security. However, members who did not originally transfer to the plan from the Coordinated Plan in 1999 will be voting in December on whether to retain their Social Security coverage.
Correctional Plan members are currently participating in both PERA and Social Security. However, members who did not originally transfer to the plan from the Coordinated Plan in 1999 will be voting in December on whether to retain their Social Security coverage.
When created in 1999, it was assumed new correctional officers would be covered for retirement, disability and survivor benefits by both PERA and Social Security, just as were original participants in the plan. Only recently was it learned that the Social Security Administration requires a referendum for that to happen. PERA has prepared a Question and Answer sheet that explains the reason for the vote, the referendum process, and the impact of a “Yes” or “No” vote.
From PERA http://www.mnpera.org/
5 comments:
You should really keep social security. It is part of the three legged retirement stool of pension plan, social security and savings (deferred comp). All have inflationary protection built in and don't listen to the coral about social security being bankrupt. The worst that will happen is that the benefits will be reduced to 75 percent when the trust fund runs out. It is unlikely that most people will shift their saving from as into a retirement account. Just a thought from an old guy who was at the original PERA discussions in the 1990's...
Opt out of social insecurity!!! If you take the money that would have gone into SS and invest it in a Roth IRA with good growth stock mutual funds, that money will grow at a rate of up to 10% annually (the average market growth for the past 50 years)! Does anyone really believe that leaving your money for the government to manage is a good idea? SS is insolvent, the fund gets raided by bureaucrats to pay back T-bills and fund farm subsidies! OPT OUT!! Fund your retirement and manage your own money rather than your broke Uncle Sam!
Social Insecurity
Wade, you also need to explain how it could be beneficial to opt out. People need to understand the potential of being able invest their own money rather than surrendering it to bureaucrats that will most likely squander it to paying back treasury bonds and farm subsidies. The market has averaged over 10% growth over the past 50 years. Money invested in a Roth IRA growth stock mutual funds could potentially pay out substantially more than SS ever would, plus it would be tax exempt when you withdraw it, unlike SS would be.
Opt out of social insecurity!
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