A Quote by Charles Boustany
If employed by employee stock ownership plan companies, working Americans can spend less time worrying about job security and retirement savings and enjoy a clearer path to prosperity.
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Having witnessed the success of Acadian Ambulance firsthand over the years, I became a champion for the employee stock ownership plan business model. This was easy to do based on the evidence that employee stock ownership plans are reliable, high-performing sources of retirement security.
Americans should be able to enjoy a secure retirement after a lifetime of hard work. But too many Americans reach retirement without enough savings to supplement their Social Security benefits.
Meanwhile, what about the workers in those state monopolies that are being put up for sale? I am reminded of a technique for employee ownership that has worked well for many U.S. companies. It goes by various names, but the best known is "Employee Stock Ownership Program," or ESOP.
One of the proven ways of getting workers more involved with their jobs is by dovetailing employee profit-sharing and stock ownership plans with greater responsibility sharing... Trade unions in this country should... consider these arrangements much more carefully than they have up to now... Expanded employee profit participation and stock ownership would provide workers with a greater measure of economic and social independence, thus stimulating increased productivity.
However, the Administration's plan to privatize Social Security will undermine retirement security for all Americans by cutting guaranteed benefits by more than 40 percent, and risky private accounts won't make up for the loss of benefits for millions of Americans.
I first learned of the value of employee stock ownership plans while representing Louisiana's 3rd congressional district, home of employee-owned Acadian Ambulance.
Social Security is an insurance policy. It's a terrible investment vehicle. Social Security has some great benefits. But it was never meant to be a savings plan. So we need to have a national debate. Should this 12.5 percent that we're contributing all go into a Social Security pool, or should half go into a mandatory savings plan?
Social Security not only helps Americans enjoy a secure retirement, it has also kept millions of Americans out of poverty.
Working for company X and having a substantial portion of your retirement plan in company X is simply exposing yourself to too much risk, because the company is both your employer and the source of your retirement income. So if something goes wrong, you lose both your job and your retirement plan.
My financial adviser Ric Edelman...thinks the time to start educating people about money is when they are children. He's set up a retirement plan called the RIC-E-Trust that can provide retirement security. A $5,000 one-time tax-deferred investment at birth, with an average interest rate of ten percent compounded, means that a child would have $2.4 million when he or she is 65 years old. Who needs Social Security with that kind of nest egg?
The vast majority of companies don't go public and mint dozens of millionaires. And most companies don't go around doling out stock options; private companies tend to be very tight about ownership.
One of the lessons of 2016 is to spend less time worrying about what will happen and more time worrying about what we want to happen.
Social Security is not a retirement savings plan; it is a social insurance program. It's a contract that says, as a society, we will look out for you and your family when you can no longer work.
ESG investing poses particular concerns under the Employee Retirement Income Security Act, or Erisa, the federal law governing private retirement plans.
A lot of folks I mentor ask me, 'How did you get there?' I tell them, you never plan on it. Do a good job and treat customers well, do the right things for the right reasons. Prepare yourself, but don't spend all your time worrying about it. Just do your job, and you'll be recognized for it.
I think when you're stressing, or worried about your performance, worrying about this and worrying about that, that's when things start to get tough and you're not enjoying it anymore and it becomes a job. Although it is our job to play, still you have to understand that it's a game and you have to enjoy it.
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