We recently wondered when the Chronicle would ever get around to reporting on the Galveston Social Security model. Well, now there’s an AP story on the subject that is making the rounds, and KTRK-13 is running a shortened version of it:
When county employees in Galveston learned 25 years ago that Social Security could be in trouble, they took a gamble on their retirement and opted out of the federal system.
A similar private plan was later adopted in neighboring Brazoria and Matagorda counties.
Residents say they haven’t hit the jackpot, but they maintain it is possible to retire more comfortably with their plan than with Social Security.
The county plans let workers invest a portion of their income in annuities and bonds, as a model for the privatization of Social Security.
About five million Americans in government jobs already rely on retirement plans other than Social Security.
The three Texas counties are among a small number of state and local governments around the country that opted out of Social Security for government employees or never joined up at all, like Massachusetts and Ohio.
There’s no sign of the AP story on the Chronicle‘s website yet.
