Skip to comments.U.S. Government plots to confiscate your retirement funds.
Posted on 09/05/2010 2:47:16 AM PDT by Lexluthor69
With the government facing an escalating crisis of debt it seems they are becoming increasingly creative (devious) with solutions.
We have reported previously on the U.S. governments intimations that they would move to nationalize private retirement accounts (Obamas Socialist Government Coming For Your Pension ). Now it seems that the Department of Labor and the Treasury Department are beginning to take the steps necessary to do just that.
The following excerpts come from an article entitled US Departments of Labor and Treasury Schedule Hearing on Confiscation of Private Retirement Accounts:
On August 26, the US Department of Labor issued a news release (http://www.dol.gov/ebsa/newsroom/2010/ebsa082610.html). It lists the agenda for the joint hearings being held with the Department of Treasury September 14-15, 2010 on what is euphemistically called lifetime income options for retirement plans. The hearings are being conducted by the Labor Departments Employee Benefits Security Administration.
I dont like speaking in tabloid-style terms, but the unstated agenda of these hearings, as I understand it, is to push for the US government to eventually nationalize (confiscate) all assets in private Individual Retirement Accounts (IRAs) and 401K plans!
The US government is desperate to get its hands on private assets to help cover soaring budget deficits and debts, and this is simply the largest and easiest piggy bank that could be seized. The Investment Company Institute estimates that at the end of 2008 that there were $3.613 trillion of assets in IRAs and $2.350 trillion of assets in 401K plans.
(Excerpt) Read more at silentmajority09.com ...
Thats why people have been cashing in their 401 (k)s and IRA’s, taking the penalties and moving their money off shore. Then if the government wants your money, they will have to sue in a foreign jurisdiction to get it.Most foreign nations would not enforce a US confiscation law like this one would be.
How do you do that, and where would you move it?
Well, that is not entirely correct - especially since one of the last big holdouts (Switzerland) has essentially revoked it's famous Bank Secrecy Laws for all US Citizens.
I would like to know how one does that myself.
Not another slush fund for the WH mob?
Keep in mind, Professor Ohaha knows nothing about high finance. This is more evidence of Rahm Emanuel's backdoor conniving.
Emanuel came from Wall Street where looting retirement funds is their fave occupation. These Wall Street connivers know how to make money disappear faster than a cream puff at a Weight Watcher weigh-in.
It is the only way Obama’s debts can be paid. There is no other source other than buying more Weimar printers. They’re running all they have now full time and it’s not enough.
Our 401ks are unfortunately linked to our jobs and we can’t access them until we quit. However, we did take out loans from them so we could get SOME of the money before the market tanks...or the government seizes the funds.
Yeah, yeah, I know, neither did O'Bummer's Death Care, but after Nov 2nd, I'm hoping they will no longer control both chambers which could put a Kibosh on this and many other programs/proposals that they would like to implement
As was spoken about before the election.
If you feel you need to do it, I have just one thing to say.
Hard Assets beats money in the Bank.
Oh, yes they would! Most foreign nations (or least most investment-grade foreign nations, e.g., OECD members) will namely be in the same predicament as the U.S., or they will otherwise be under the thumb of OECD nations, and will gladly co-operate, since they'll be expecting the U.S. to do the same in return (i.e., help them enforce their own confiscatory laws).
By hard assets, do you means gold, houses, antiques, art, etc.? At this point, as I read that Chavez, dictator of Venezuela, is now going to issue a “food card,” I am thinking, “This is where the US is going if the madness in Washington is not stopped and rolled back immediately.”
I am sure it is true that the very rich have already moved their money to somewhere other than the US..I am sure they have homes and all they need in other places..This is why they do not really care about what happens here.
The author is a nutcase, or is pulling an inflammatory headline from a nutcase. No one is talking about, or implying, confiscation.
Check the primary sources:
U.S. Departments of Labor and Treasury to hold hearing on specific issues related to lifetime income options for retirement plansSUMMARY: The Department of Labor and the Department of the Treasury (the ``Agencies'') are currently reviewing the rules under the Employee Retirement Income Security Act (ERISA) and the plan qualification rules under the Internal Revenue Code (Code) to determine whether, and, if so, how, the Agencies could or should enhance, by regulation or otherwise, the retirement security of participants in employer- sponsored retirement plans and in individual retirement arrangements (IRAs) by facilitating access to, and use of, lifetime income or other arrangements designed to provide a lifetime stream of income after retirement. The purpose of this request for information is to solicit views, suggestions and comments from plan participants, employers and other plan sponsors, plan service providers, and members of the financial community, as well as the general public, on this important issue. DATES: Comments must be submitted on or before May 3, 2010.
Emanuel came from Wall Street where looting retirement funds is their fave occupation.
Didn’t they learn their craft from corrupt union bosses?
...and speaking of Rahm.
well, I liquidated the 401k from my previous employer and plowed it all into a huge downpayment on the house we recently bought. So, if the government wants to get their hands on my “retirement funds”, they’re going to have to come take me out of here in a body bag.
Since all of this is just conjecture right now with the offerings of these concepts, would it be out of the realm of possibilities that this whole scam is a rope-a-dope?
In that, scare the people into liquidating their 401K’s and IRA’s so the government realizes a big influx of funds for the early withdrawal tax penalties? Add to it, the remaining funds withdrawn all of a sudden become part of the fluid economy as people are likely to spend it rather than find alternative avenues to keep it safe.
These people play on human nature alot and this could be a follow the pea under the walnut shell scam to get monies out of the safe havens and back into their hands without actually having to officially change anything.
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