Bailey McCann
speaker
178 appearances
3 recordings
1 series
first heard Feb 2020
last heard Oct 2023
Bailey McCann’s voice in public audio — every appearance, attributed to the second.
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Appearances
Both states have extended their timeline to get people onboarded.
But
Other than that, contributions are going up.
It's like I said earlier, approximately 5% of the paycheck.
The average contribution in Oregon is a little over $100 per month.
And same with California.
The data looks generally positive.
I mean, essentially, you're taking a group of people that have had no options before this that have worked for them, and now they have a plan.
And the opt-out rate is very minimal.
There was a court challenge in California suggesting that the California IRA ran afoul of the Employment Retirement Income Security Act, which is a law that sort of governs a lot of retirement plans in the United States that already exist.
And it's basically designed to provide some employer protections on how the plans are administered.
The California plan is not an ERISA plan.
It's an IRA.
It's separate.
So the court challenge in that case failed, where the court believed that the CalSAVERS plan was different enough that it didn't really run afoul of these protections.
But the core criticism is that ERISA plans have...
a basic level of administration and fiduciary requirements that aren't present in the state plans, and that's been a cause for concern.
But there's no data yet or any reason to believe that these plans would have poor management or what have you.
So the main thing to understand is that if you're in the IRA plans, it's an after-tax deduction.
So when you retire, as long as you retire when you're old enough, it's 59 and a half, I believe is the age, and you withdraw within some very basic parameters, you have to be 59 and a half, and you have to be making retirement expenses, then your withdrawals are going to be tax-free.
Showing 101–120 of 178 · page 6 of 9
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