Mercenary
Jr. Member
Posts: 1,574
Political Matrix
E: -3.94, S: -2.70
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« on: October 18, 2015, 07:38:37 PM » |
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I'd change it to operate in a similar manner to what public employees get.
In Washington state the public employee retirement system while still not great I think is superior to the social security system. Granted this is just the retirement component of SS and not say the disability element as far as I know. Still, I liked how it was more individualized and how you can look up your account and see your balance and to an extent you could control how your funds were invested. It is restricted though, more or less it is like invested in mutual funds, it isn't 100% control but it was enough that I felt satisfied with it as a plan and with an actual balance that was in your name you knew what you were getting instead of worrying about whether you'd get anything at all due to solvency. This was just half the program though, the employee contribution side. The employer contribution was still defined benefit, which I would change to operate the same way as the employee side contribution.
But you couldn't really change this all at once for everyone. Rather just phase it in and to increase solvency during the transition we could uncap the SS tax on payroll.
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