Maryland residents who fail to save for their own retirements are like drivers who speed or children who won’t do what you tell them to do, according to former Lt. Gov. Kathleen Kennedy Townsend.
Kennedy Townsend, who leads a task force studying the problem of retirement savings for private sector employees, made the comparison during a hearing in Annapolis.
The group is looking at the possibility of recommending the creation of a mandated retirement program where nongovernment employers would be required to offer a retirement plan or enroll employees into a state managed plan. Employees would be automatically enrolled and as much as 6 percent of their pay deducted for retirement (under one proposal) in a defined benefit plan unless the employee opted out.
The troubling part of her remarks during the hearing (emphasis added):
“Education is great…but it is not enough,” said Kennedy Townsend. “It won’t get us to where we want to go.
“I love education but why do drivers stop speeding? It’s not because they were told ‘This is bad for you’ but because things happen to make you quit speeding. I’m a great believer in education but I know as a mother of four children, I can tell kids what to do or I can tell them they have to go to their room if you don’t do it.”
The task force was established by Gov. Martin O’Malley and its authorization expires in February. Governor-Elect Larry Hogan says he won’t re-authorize it
Quinton is a native South Carolinian who has lived in Baltimore since 2006. He is a recent convert to the Catholic Church and is active in the Knights of Columbus. He has been involved in the pro-life movement nationally and locally since 2010.
Quinton is a veteran who served as an intelligence analyst in the Army National Guard. He is also an Eagle Scout.
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