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Bill: Pension
Details
Submitted by[?]: Radical Nationalist Party
Status[?]: passed
Votes: This is an ordinary bill. It requires more yes votes than no votes. This bill will not pass any sooner than the deadline.
Voting deadline: November 2433
Description[?]:
| We believe this will encourage people to not be lazy and will make them work for the benefit of the Nation and themselves. |
Proposals
Article 1
Proposal[?] to change The government's policy concerning the pension system.
Old value:: The state operates a compulsory public system combined with an optional private pension.
Current: The state operates a compulsory public system combined with an optional private pension.
Proposed: The state does not operate a pension system. Individuals must save up for retirement on their own.
Debate
These messages have been posted to debate on this bill:
| Date | 21:01:10, July 18, 2007 CET | From | United Republics Party | To | Debating the Pension |
| Message | URP suggests: There is a compulsory private pension system. Under this proposal, individuals would have to save a certain percentage of their income in a private system that they contolled but could not be accessed until after the retirement age. This would prevent irresponsible seniors who did not save from ending up on the welfare rolls. |
| Date | 14:43:49, July 19, 2007 CET | From | Radical Nationalist Party | To | Debating the Pension |
| Message | Well this proposed one is their own private system, it just means that a business does not make money out of the peoples pensions. Also having a private business system means that people pensions are less secure. |
| Date | 22:04:35, July 19, 2007 CET | From | United Republics Party | To | Debating the Pension |
| Message | I'm unsure how a private pension would allow businesses to make more money than private savings. To accrue interest the money has to be invested somewhere. Stocks - broker makes money Savings account - bank makes money mutual fund - fund manager makes money so I'm really confused by your logic on that one. OCC: Also, how would pensions be less secure? I imagine the private pension system to work exactly like an IRA or 401(k) in the US with a few exceptions. People would be able to invest their money however they choose, but the difference would be that they couldn't touch this money until retirement. |
| Date | 22:24:10, July 19, 2007 CET | From | United Republics Party | To | Debating the Pension |
| Message | Actually, I think the word pension makes me slightly uncomfortable. We will support the current bill if NP inserts the following language: 1. The government may require a percentage of income be invested in Private Retirement Accounts (PRAs) 2. The government may require businesses to match a percentage of employee's income not to exceed that employee's own contribution. 3. Money can only be withdrawn from PRAs at the retirement age or earlier in special cases as approved by the PFP and would be subject to a large tax penalty. Any money provided by business matching funds could never be withdrawn early. 4. Any investment in a PRA over a government a government mandated level are tax-deductable. 5. Interest earnings in PRAs grow tax-free. 6. Retirees may withdraw funds tax-free from their PRAs up to the median income of Lodamun, but funds withdrawn above this level would be taxed normally. |
| Date | 03:24:20, July 21, 2007 CET | From | The Unified Lodamun Party | To | Debating the Pension |
| Message | If Its' compulsory, its' not really private. Its a governmental thing no different than SS, aside from people have to chose thier own investments. The problem being that some people truly aren't smart enough to invest. I don't mean that to be mean, just honestly. |
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Voting
| Vote | Seats | |||
| yes |
Total Seats: 370 | |||
| no | Total Seats: 169 | |||
| abstain |
Total Seats: 60 |
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