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Unions Want to Take Over Your 401(k)
MoneyNews.com ^ | 3-17-10 | Gene J. Koprowski

Posted on 03/23/2010 4:05:47 PM PDT by 444Flyer

One of the nation's largest labor unions, the Service Employees International Union (SEIU), is promoting a plan that will centralize all retirement plans for American workers, including private 401(k) plans, under one new "retirement system" for the United States.

In effect, government pensions for everyone, not unlike the European system and regardless of personal choice.

The SEIU, which was integral to the election of Barack Obama as president, is working with the left-leaning Economic Policy Institute (EPI), and the National Committee to Preserve Social Security and Medicare, on SEIU's plan, called "the Retirement USA Initiative."

Claiming that the retirement system in place now has "failed most Americans," EPI vice president Ross Eisenbrey, told a labor union publication that "account balances have fallen by a third since late 2007, leaving many older workers unable to retire just as our economy is shedding millions of jobs.”

(Excerpt) Read more at moneynews.com ...


TOPICS: Business/Economy; Culture/Society; Front Page News; News/Current Events
KEYWORDS: 401k; andystern; barackhusseinobama; bho401k; bho44; bustseiu; corruption; deadpurplepeople; democrats; ghilarducci; government; irs; liberalfascism; nationalization; obama; pelosi; purplefascism; retirement; seiu; spreadthewealth; stealthewealth; taxes; theft; unioncorruption; unions
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The proposed retirement system would be operated under the following parameters:

• Benefits that move with you, even if you change jobs

• Payouts only at retirement

• Shared responsibility among employers, the government and employees

• Pooled assets, controlled by professional investment managers

1 posted on 03/23/2010 4:05:47 PM PDT by 444Flyer
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To: 444Flyer

The Onion?


2 posted on 03/23/2010 4:06:40 PM PDT by jessduntno (Obama in complete control of your health care and mine. What could possibly go wrong?)
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To: 444Flyer

The day they do that will be the I cash in. Penalties be damned.


3 posted on 03/23/2010 4:08:04 PM PDT by catfish1957 (Hey algore...You'll have to pry the steering wheel of my 317 HP V8 truck from my cold dead hands)
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To: 444Flyer

For me, this will be the shot heard ‘round the world.


4 posted on 03/23/2010 4:08:15 PM PDT by skeeter
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To: jessduntno

Newsmax


5 posted on 03/23/2010 4:08:45 PM PDT by 444Flyer (Obama's long war against America is in progress.)
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To: 444Flyer

I warmed you all in Nov 2008. Here it is.


6 posted on 03/23/2010 4:10:00 PM PDT by wastoute (Government cannot redistribute wealth. Government can only redistribute poverty.)
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To: 444Flyer

bump


7 posted on 03/23/2010 4:10:11 PM PDT by lowbridge ("We may be wrong, but the point is, we believe in what we're doing." - Joe Biden)
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To: 444Flyer

There won’t be a single SEIU member alive if they try this.


8 posted on 03/23/2010 4:10:14 PM PDT by johniegrad
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To: 444Flyer

They are too late. I cashed mine out about a week after Obama was elected. I would put all of my cash in a pile, douse it in gasoline and set it ablaze before I let the Government under Obama have a single cent of it. Why should I care? I already have healthcare since yesterday.


9 posted on 03/23/2010 4:11:11 PM PDT by Bad Jack Bauer (Fat and Bald? I was BORN fat and bald, thank you very much!)
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To: catfish1957

Anythings possible these days. Remember, Andy Stern’s now on Obama’s National Debt Commission.


10 posted on 03/23/2010 4:11:44 PM PDT by 444Flyer (Obama's long war against America is in progress.)
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To: 444Flyer
The proposed retirement system would be operated under the following parameters . . . .

Of course it will.

The government has done such a fine job managing Social Security, Medicare, Medicaid, Fannie Mae, Freddie Mac, etc., etc.

11 posted on 03/23/2010 4:11:48 PM PDT by Logophile
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To: 444Flyer

It’s true. I heard Bob Brinker talking about it about 2 weeks ago. It is for real.


12 posted on 03/23/2010 4:12:12 PM PDT by vpintheak (Love of God, Family and Country has made me an extremist.)
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To: 444Flyer
Where have you heard this before? ;-)

Yet another large "trust" fund from which to steal money.

They'll have to somehow tank the equities markets first - and then come in and "rescue" those who have lost huge sums of money for the second time in as many years.

13 posted on 03/23/2010 4:12:32 PM PDT by politicket (1 1/2 million attended Obama's coronation - only 14 missed work!)
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To: catfish1957
The day they do that will be the I cash in. Penalties be damned.

When it passes the House or the Senate, I'm cashing in all of my retirement accounts, without waiting for the bill to pass both chambers or to be signed. I will not participate in socialism. Also, I won't take the risk that the thugs will stop me from keeping my money.

14 posted on 03/23/2010 4:12:33 PM PDT by Pollster1 (Natural born citizen of the USA, with the birth certificate to prove it)
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To: politicket

LOL!


15 posted on 03/23/2010 4:13:09 PM PDT by 444Flyer (Obama's long war against America is in progress.)
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To: johniegrad
"There won’t be a single SEIU member alive if they try this."

There might be one kept alive in my basement for a few days. Did you see Hostel?

16 posted on 03/23/2010 4:13:09 PM PDT by muir_redwoods (Obama: Chauncey Gardiner without the homburg)
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To: catfish1957

If you wait, it will be too late.

We’ve already done so.


17 posted on 03/23/2010 4:14:11 PM PDT by SatinDoll (NO Foreign Nationals as our President!!)
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To: 444Flyer
This just may be enough to push the people over the edge. Oh, maybe on top of cap and tax and amnesty.

This is getting interesting. Maybe we need to start a poll on just what will be the straw that breaks America's back?

Even with all that has happened, and is happening, I still put my money on an attempt to repeal or severely limit the second amendment.

18 posted on 03/23/2010 4:14:37 PM PDT by mtdrake
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To: 444Flyer

When will the RICO charges be filed against SEIU.


19 posted on 03/23/2010 4:14:38 PM PDT by Marty62 ( Marty60)
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To: wastoute
I warmed you all in Nov 2008.

Did not do much for my utility bills.

20 posted on 03/23/2010 4:14:40 PM PDT by verity (Obama Lies)
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To: jessduntno

WTF? This administration is getting scarier and scarier. Revolution now or it’s too late.


21 posted on 03/23/2010 4:14:40 PM PDT by Commander X (TOTUS...destroying the USA one lie at a time.)
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To: 444Flyer

OMG


22 posted on 03/23/2010 4:15:24 PM PDT by SE Mom (Proud mom of an Iraq war combat veteran)
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To: Commander X

“WTF? This administration is getting scarier and scarier. Revolution now or it’s too late.”

It’s a pisser...they are not letting up.


23 posted on 03/23/2010 4:15:54 PM PDT by jessduntno (Obama in complete control of your health care and mine. What could possibly go wrong?)
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To: vpintheak
The government and its unions are desperate for money, and private accounts have hundreds of billions in real assets, just sitting there like a big fat Christmas goose.

They think your security is their business now. You KNOW they're thinking about appropriating all that money.

24 posted on 03/23/2010 4:16:21 PM PDT by skeeter
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To: SatinDoll

“If you wait, it will be too late.”


I agree, and I did cash out mine too. Unfortunately, my wife believes that scenario will never happen. So she will continue to contribute to her 401k.


25 posted on 03/23/2010 4:17:52 PM PDT by The Working Man (Any work is better than "welfare")
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To: skeeter
These bastards can smell a three high stack of nickels at 3 miles and they're convinced every one of them is theirs.

If they even try this people will die.

26 posted on 03/23/2010 4:18:24 PM PDT by Lurker (The avalanche has begun. The pebbles no longer have a vote.)
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To: 444Flyer

You know, when ever I think about re-evaluating my investment plans, somehow talking to Janitor making minimum wage isn’t my first pick to help me.

For those who don’t know, SEIU’s majority members are Janitors.


27 posted on 03/23/2010 4:18:48 PM PDT by Zathras
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To: politicket

Seriously, it’s frightening how accurate you’ve been. Your boss needs to pay you more. (Driver carries no cash, treasure’s in Heaven.:))


28 posted on 03/23/2010 4:19:12 PM PDT by 444Flyer (Obama's long war against America is in progress.)
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To: 444Flyer

And I'll introduce to some other little friends while you try.

29 posted on 03/23/2010 4:19:13 PM PDT by Tijeras_Slim (Live jubtabulously!)
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To: Commander X

This is communism, plain and simple.


30 posted on 03/23/2010 4:19:27 PM PDT by Lazamataz ("We beat the Soviet Union. Then we became them." -- Lazamataz, 2005)
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To: politicket

Of course this was coming. They need the 401K money to pay the social security payments of the Baby Boomers that are retiring - that is, until they can use denial of Medicare benefits to kill them all, that is.

SEIU members don’t get the generous 401K benefits that office workers, et al. get. Therefore, it’s time to spread the wealth.

I will cash it out, and roll the entire thing over into my IRA. Of course, look for them to come after the IRA’s next.


31 posted on 03/23/2010 4:19:48 PM PDT by Right Cal Gal (Ronald Reagan: "our liberal friends....know so much that isn't so...")
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To: Grampa Dave

ping


32 posted on 03/23/2010 4:20:06 PM PDT by abb ("What ISN'T in the news is often more important than what IS." Ed Biersmith, 1942 -)
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To: wastoute

http://www.carolinajournal.com/exclusives/dems-target-private-retirement-accounts.html


33 posted on 03/23/2010 4:20:34 PM PDT by Ladysmith ("A community organizer can't bitch when communities organize." Rush Limbaugh)
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To: muir_redwoods
There might be one kept alive in my basement for a few days. Did you see Hostel?

I'll catch a couple and get in touch with my inner Commanche.

34 posted on 03/23/2010 4:20:44 PM PDT by Tijeras_Slim (Live jubtabulously!)
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To: 444Flyer

Molon Labe.

This is when the shots start firing.


35 posted on 03/23/2010 4:21:54 PM PDT by NoobRep
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To: 444Flyer
Just as was predicted. The next seizure by the fascists. This is precisely what the Kirchners in Argentina did a few years ago - seizing private retirement funds, ostensibly to "protect" them, but in reality to use the money to prop up the budget that was falling apart on account of the socialist idiocies the Kirchners pushed (and continue to push).

So, my friends, go take a look at Argentina, here's an article discussing the seizure of private pension funds: http://blogs.telegraph.co.uk/finance/ambroseevans-pritchard/5504137/Argentina_seizes_pension_funds_to_pay_debts_Whos_next/
and you will get a fairly clear view of where the United States is going.

Clearly, liberalism is a mental disease on a par with psychopathologies of the worst sort.


36 posted on 03/23/2010 4:22:04 PM PDT by Oceander (The Price of Freedom is Eternal Vigilance -- Thos. Jefferson)
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To: 444Flyer; trooprally; BufordP; kristinn
BTTT
PING for interesting read
37 posted on 03/23/2010 4:22:16 PM PDT by concretebob (Because someone has to say it!!!!!!!!!)
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To: 444Flyer

So how many non government groups are running the government? When did they get elected to office?......oh ....wait...


38 posted on 03/23/2010 4:22:52 PM PDT by Dallas59 (President Robert Gibbs 2009-2013)
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To: catfish1957

It’ll be retroactive.

(rim shot)


39 posted on 03/23/2010 4:22:54 PM PDT by savedbygrace (You are only leading if people follow. Otherwise, you just wandered off.)
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To: skeeter

I know it, and hopefully This will be the shot heard round the world to all the American idiots with their heads in the sand.


40 posted on 03/23/2010 4:23:32 PM PDT by vpintheak (Love of God, Family and Country has made me an extremist.)
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To: Lurker

I am already suffering under these b*stards’ policies if they take what I spent 25 of my employed years saving I will be one grumpy citizen.


41 posted on 03/23/2010 4:23:34 PM PDT by skeeter
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To: 444Flyer

I have a little suspicion that tells me that a huge junk of this money will be “invested” in Treasuries.


42 posted on 03/23/2010 4:23:38 PM PDT by KoRn (Department of Homeland Security, Certified - "Right Wing Extremist")
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To: 444Flyer

bttt


43 posted on 03/23/2010 4:24:19 PM PDT by petercooper (GOP: Big Tent Party??? Not if you are a CONSERVATIVE.)
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To: politicket

Tank the markets? Well, this probably won’t help:

“The legislation would for the first time apply Medicare taxes to investment income received by these households, beginning in 2013. The 3.8 percent rate would apply to unearned income such as realized capital gains, dividends, interest, rents and royalties.” (Business Week, March 22)

I believe this tax was added so as to postpone the Union payments until MUCH later.


44 posted on 03/23/2010 4:24:56 PM PDT by 21twelve (Having the Democrats in control is like a never-ending game of Calvin ball. (Giotto))
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To: catfish1957
The day they do that will be the I cash in. Penalties be damned.

I cashed in about 1/3 of mine last year to pay off the house. I smelled this idea coming along.

This is a second amendment issue as far as I'm concerned.

45 posted on 03/23/2010 4:25:45 PM PDT by meyer (It's time...)
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To: vpintheak

Seeing destruction of our country is truly heartbreaking.


46 posted on 03/23/2010 4:26:08 PM PDT by catfish1957 (Hey algore...You'll have to pry the steering wheel of my 317 HP V8 truck from my cold dead hands)
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To: RagingBull

I recall some speculation a while back that 401/403 plans (and maybe IRAs too) would be required to invest a percentage in saving bonds/treasury debt.


47 posted on 03/23/2010 4:26:27 PM PDT by RagingBull (Talent does what it can; genius does what it must)
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To: savedbygrace

Savedbygrace, they have done the retroactive thing in the past.I think you are right.

I honestly can not envision a scenerio that ends (ok, it will ultimately end well: the country will be saved) well. They are emboldened and they will not stop until they are stopped!


48 posted on 03/23/2010 4:26:42 PM PDT by mtdrake
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To: 444Flyer

This is really scary sh*t. There has been talk about this for awhile now. I don’t think it’s a rumor any more. They are seriously considering confiscating our money and at retirement paying back 3% (if that).

All for the common good, but then you knew that.


49 posted on 03/23/2010 4:26:57 PM PDT by SamiGirl
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To: Marty62
When will the RICO charges be filed against SEIU.

Right after they're filed against that communist POS in the White House.

50 posted on 03/23/2010 4:27:35 PM PDT by meyer (It's time...)
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