Tom Price: “in 1981 as the Social Security system was on the verge of collapse, many cities and counties decided to opt out of the…”

“in 1981 as the Social Security system was on the verge of collapse, many cities and counties decided to opt out of the Social Security system. My own district, the city of Marietta, Georgia, took the opportunity; and the results serve as a model for the tremendous potential of personal retirement accounts. Rather than collecting 1.5 percent from Social Security like the rest of us, Marietta city employees have personal accounts with yearly rates of return ranging from 3 to 20 percent. The results go far beyond the rates of return. Employees' paychecks are higher than the surrounding cities because only 6.1 percent is taken out of their paychecks, as opposed to 12.4 percent. Think it does not get any better? Well, it does. Employees are continually educated about the program, the choices that they have, and how the company administering their pensions makes decisions. Because of this education program, employees are allowed to direct where their money goes depending on the rates of return and their personal goals. Mr. Speaker, the tremendous potential of personal retirement accounts has been realized by some in my district. Let us hope the rest of the country is able to realize the true benefits of personal retirement accounts some time soon. ____________________”