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Social Security Substitute / California #245016

CBS Evening News for Tuesday, Mar 23, 1976
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(Studio) 78 million are in Social Security plan. 11% work for state or local govts. New York City may pull out of Social Security.
REPORTER: Morton Dean

(San Jose, California) 4000 city workers vote to abandon Social Security for private-funded retirement plan. Workers may retire at 55. Younger workers get more take-home pay. City pays lower premiums and retiring workers get higher pensions. [Retired city worker Manny ZAPPIA - cites incrd. benefits.] Private funds constantly reinvested for worker benefits. Advantages of plan cited. 200 municipal groups tell Social Security they're quitting. They cannot rejoin after quitting. Next defectors may be: DC; San Diego, California; Sacramento, California, and AK.
REPORTER: Murray Fromson

Dean, Morton;
Fromson, Murray

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