Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

Republican candidate for governor: State shouldn't contribute to 401(k)s

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » Archives » General Discussion (1/22-2007 thru 12/14/2010) Donate to DU
 
NNN0LHI Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-30-10 08:01 AM
Original message
Republican candidate for governor: State shouldn't contribute to 401(k)s
http://www.suntimes.com/news/elections/2447838,CST-NWS-...

June 30, 2010

BY ABDON M. PALLASCH Political Reporter apallasch@suntimes.com

If elected governor, state Sen. Bill Brady would give new state workers private 401(k) retirement plans that receive no contributions from the state.

"There's many companies that don't" contribute any matching funds to retirement plans, Brady said. "Let {employees} determine, as in the private sector, what percentage of their wages will go into their 401(k) employee-owned pension."

Speaking to the City Club of Chicago Tuesday, Brady outlined what he called a businessman's approach to cutting the state's out-of-control budget.

He backed away from his suggestion to bring the state's minimum wage down to the federal rate to avoid losing jobs to other states.

Printer Friendly | Permalink |  | Top
Statistical Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-30-10 08:04 AM
Response to Original message
1. What an ass.
Pensions cost employer about 5% of wages.

At a MINIMUM 401K should have a 5% match. Personally I think it should be higher because it moves all risk off the employers books and onto the workers. Still at a minimum 5%.

I am all for mandating all employees not covered by a pension be given a 401K with a minimum 100% match on first 5% contributed.
Printer Friendly | Permalink |  | Top
 
KharmaTrain Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-30-10 08:18 AM
Response to Original message
2. And This Shitstain Will Probably Win...
Ironic as he was one of those rushpublicans who endorsed President Obama. While the teabaggers hate him, the fallout over the Blago mess and the brusing primary has left Pat Quinn a very weak candidate. Unfortunately after a decade of one party control in this state the voters aren't happy with the huge defecits...they don't see it as a Federal/booosh regime matter but blame the Democrats instead.

Brady showed his hand, but little will be made of it as elections are now not about issues but personalities.
Printer Friendly | Permalink |  | Top
 
alcibiades_mystery Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jun-30-10 08:20 AM
Response to Original message
3. So we go from defined benefit, to defined contribution, to no contribution
Yeesh.
Printer Friendly | Permalink |  | Top
 
FBI_Un_Sub Donating Member (610 posts) Send PM | Profile | Ignore Wed Jun-30-10 10:34 AM
Response to Reply #3
4. That's the GOP trend
From a comfortable middle class -- to a poor class --- to a serf class. I was going to say "pre dates Reagan" -- but it was GOP policy well before Reagan.
Printer Friendly | Permalink |  | Top
 
DU AdBot (1000+ posts) Click to send private message to this author Click to view 
this author's profile Click to add 
this author to your buddy list Click to add 
this author to your Ignore list Tue Sep 02nd 2014, 03:20 PM
Response to Original message
Advertisements [?]
 Top

Home » Discuss » Archives » General Discussion (1/22-2007 thru 12/14/2010) Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators


Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC