Skip to comments.7 Ways the Automatic IRA Would Impact Retirement Savers
Posted on 08/12/2010 5:58:45 AM PDT by PMAS
Senator Jeff Bingaman, a New Mexico democrat, introduced the Automatic IRA Act of 2010 last week. The new legislation would require all firms with 10 or more employees that don't already offer a retirement plan to automatically enroll workers in an IRA. Workers who don't wish to participate would need to take action to opt out or change the default contribution amount and investments. Here's a look at how this bill, if passed, would affect you: Standardized 3 percent savings rate. Employees age 18 and older who have been employed for at least three months would be automatically enrolled in an IRA. The bill currently sets 3 percent of a worker's paycheck as the default amount that would be withheld and directly deposited into an Automatic IRA account.
(Excerpt) Read more at finance.yahoo.com ...
This is step one toward an nationalized retirement program like Argentina’s failed program
Better yet, let’s take one half of the employee contribution to Social Security and deposit it in an IRA for the employee; the IRA belongs to the employee and moves with the employee if he changes jobs. The IRA would contain real money rather than BS Trust-me fund IOU’s in a lockbox.
Agreed...in fact we should’ve done that THIRTY YEARS AGO.
Exactly! Its all about having control of your money. They can;t do that unless its easy to access. I wonder though how many people understand this.
Well, if I remember correctly somebody proposed something pretty similar to that 8 years ago and was pilloried for it in the media.
is this the same buffoon who wanted automatic organ donation?
Mandated health insurance...
What's next, mandated dental insurance? Mandated home cooking menu? Personal hygiene? Hair care? Number of squares of toilet paper?
So tell me why anyone would want to open a business in today’s USA?
It’s for the children. The enviroment.
Whatever. Cough it up, it’s law, we got guys with guns and were going to shut you down. Or else.
No more bitch’n about were it is. We ‘invested’ it, OK?.
In the past I would have asked why the Senator didn’t seem to understand what a devastating impact such legislation would have on private sector hiring and growth prospects. But now I know better, as do many of you: he does not care. His purpose (and that of the Senator’s colleagues) is the opposite: to destroy and control, not to create and liberate.
So tell me why anyone would want to open a business in todays USA?
Does anyone have a comprehensive list of federal laws based on employee count? My brother's company stayed at 49 employees to keep from hitting some federal law that kicked in at 50 people. He and everyone else were working 60+ hour weeks to keep up (this was before the crash) and could have easily hired 20 more people to handle the work, but wouldn't because of the law.
Because they are really close friends with a member of Congress who just happens to be a chairman of a powerful committee.
Did it not occur to that communist that perhaps if he hadn’t voted to RAISE TAXES that we MIGHT actually have some extra money to save for the future?
He is exactly what you described. When Tip Oneal was alive Bingman had a higher ADA rating than Tip.
They should follow the example of the federal government, which NEVER spends money it doesn't have.
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