Someone was looking out for the workers in Galveston TX-30 years ago-
Thirty years ago, tiny Galveston opted out of the entire Social Security system for its county employees and introduced private accounts.
It was the brainchild of a county judge, Ray Holbrook, and a few other officials, who took a good look at the parlous state of Social Security in the late 1970s and came up with an "Alternate Plan" of privately managed personal accounts they believed would outperform the public model. An opt-out clause in the original 1935 law (since shut) let them try something different.
How did they do? Three decades later, Galveston County employees take home pensions with nearly a 7% average annual return compounded over 30 years.
By contrast, Social Security recipients get a 1% to 2% return and newer workers will get even less. So Galveston's retirement checks are about four times the size of Social Security and come with life insurance, too.