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

http://www.suntimes.com/news/elections/2447838,CST-NWS-brady30.article

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.

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.

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.

Yeesh.

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.