Monday, March 28, 2005

Galveston Opted Out of Social Security - And Won

County employees in Galveston, Texas opted out of Social Security some twenty-five years ago when they learned Social Security could be headed for trouble. They are glad they did.

Richard Gornto, president of First Financial Benefits Inc., which
administers and designed the Galveston plan, estimates his plan offers an
employee who works 37 years at an average of $25,596 a year a monthly benefit of
$1,250, versus $669 from Social Security. An employee who worked the same amount
of time, but earned $75,000, would get $3,663 a month, compared with $1,301 on
Social Security, he said.

There are some problems with the plan. People in Galveston can withdraw from the plan prior to retirement, thus reducing their monthly benefit. They can't do that with the government social security. However, this could be a plus as well as a minus.

There is one huge benefit, however, in addition to higher monthly benefits. That would be OWNERSHIP. The left despises that aspect of any plan but Ol' BC finds it most attractive.

The three Texas counties are among a small number of state and local
governments around the country that opted out of Social Security for government
employees or never joined up at all, like Massachusetts and Ohio.

Did you catch that first state? Massachusetts! Ol' BC can't help but wonder if their senators are going to support a plan for the rest of us like the one in their home state.

Just an observation.


At 12:54 PM, Blogger RightWingRocker said...

See?? Even socialists know better than to get involved in something like Socialist Security!



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