Think the government would be OK with it?
2007-06-02 06:59:08 · 11 answers · asked by RP McMurphy 4 in Politics & Government ➔ Politics
Lots of non-sequiturs from the defender crowd I see.
2007-06-02 07:08:29 · update #1
You would probably be arrested for creating a pyramid scheme.
2007-06-02 07:01:49 · answer #1 · answered by Jay C 2 · 3⤊ 0⤋
I'm sure a company could start a plan for tis employees that paid the same amounts under the same terms and conditions as Social Security.
I'm also sure that the actuarially calculated expense and minimum required deposits into the plan would be much higher per employee than those Social Security currently takes in taxes.
But then, you knew that already, didn't you?
:-)
2007-06-02 14:08:02 · answer #2 · answered by Spock (rhp) 7 · 1⤊ 1⤋
I'd like to see CEO's make do on social security. Why do they get to run a company into the ground and pillage everyone else's retirement plans and they get to walk away with a 30 million dollar golden parachute?
2007-06-02 14:12:49 · answer #3 · answered by Anonymous · 0⤊ 2⤋
All of your workers would revolt and probably behead you because...
1. you would use an all important number to ID them that basically defined their entire life so when it was stolen they would be ruined.
2. You would force them to pay into a system that none of them would want to pay into and if they didn't they would go to jail.
3. You would use that money in order to pay for other things instead of giving it back to them, and you would ensure that most of them would be dead from age before you started paying out anything.
4. Finally, even if you did manage to somehow have enough money to give back, you would probably give them a ROI (return on investment) of about 2% which is the worst long term investment in history.
2007-06-02 14:05:52 · answer #4 · answered by Nickoo 5 · 2⤊ 0⤋
You'd quickly be out of a job. Most companies frown on pensions these days and they wouldn't like the liability. It's easier to set up a 401-K to keep track of employee's contributions and earnings and the employee has more control over how much they want to contribute and allocate to each of their funds.
2007-06-02 14:04:04 · answer #5 · answered by Zman 1 · 1⤊ 1⤋
It would be fine. As long as your plan meets qualification standards and can obtain an irs letter of determination your fine. Or just make it a non-qual plan. There are many plans that mirror social security. good luck
2007-06-02 14:02:41 · answer #6 · answered by Derick 3 · 0⤊ 2⤋
maybe, but I sure as hell wouldn't be if I were your employee, there is nothing to prevent you going under like Enron did and all of the money disappearing
much better to use the already existing 401K, which I'm sure you were aware of as you have a job, right?
2007-06-02 14:02:54 · answer #7 · answered by Nick F 6 · 1⤊ 0⤋
Actually, a lot of ceo's have killed their companies retirement plans, and put countless numbers of Americans into poverty levels once they hit retirement age. Is this your goal?
2007-06-02 14:02:12 · answer #8 · answered by Anonymous · 2⤊ 2⤋
Nothing. Home Depot's CEO got $200 million after he was forced to retire.
2007-06-02 14:02:17 · answer #9 · answered by a bush family member 7 · 2⤊ 3⤋
That would be a crime, you see Ponzi schemes are illegal, unless of course your are President with a communist cabinet.
2007-06-02 16:21:26 · answer #10 · answered by rmagedon 6 · 0⤊ 0⤋