Moorlach: Congress Protects Californians from More Insecure Pension Schemes

State Senator John Moorlach (R-Costa Mesa) just announced more good news to California residents.

Even though the California State Legislature, under Democratic Dominance once again, is doing everything they can to push their regressive, leftist agenda, Congress remains firmly in Republican control.

They can pass legislation and undo President Obama's damage with bills and signatures. Now that's what I call using a pen and a phone for good.

Last year, Governor Brown signed off on AB 1234, which empowered the state of Caliornia to begin divering money from every single California's paycheck to create pension accounts for them. This scheme was advertised as a means for ensuring that private as well as public sector employees would have a secure retirement.

Check out Moorlach's press release:

Today, the United States Senate approved House Resolution 66 by Rep. Tim Walberg of Michigan that overturns a disastrous rule from the Department of Labor during the Obama Administration. Congress listened to the people, unpleased by the previous Administration’s rule by fiat. With the understanding that President Donald Trump will sign the bill, this is likely to nullify California’s Secure Choice program passed last year in the state legislature over my objections. 

What was the "Secure CHoices" program?

Really quickly, this program was implemented in order for the state of California to provide automatic pensions for every Californian.

Reminder: California's pension liabilities are astronomical. They are not even providing for the government employees.

Does anyone really want to trust the state of California to fund and provide pensions for every Californian in the private sector?

No way.

As I have said repeatedly, the Secure Choice Act is a noble effort, but it is neither “secure” nor a “choice.” Requiring employers to withhold contributions from their workers’ paychecks and send the funds to Sacramento to be invested on their behalf is highly inadvisable. In money management, there is rarely a scheme that has minimal costs and limited risk. The lack of proper oversight for the Secure Choice program, as well as considering the massive costs potentially passed along to taxpayers, is concerning.

The state legislature already takes too much of our money.

Way too much, and the state legislature with Brown's signature just signed off on the largest gas tax increase in the state's history. The last institution I would want to manage my retirement would be the state of California.

Hands off my money, Sac-Town!