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 ...
Would you bet all your retirement money on it? And even if you did No Republicans signed onto the Health Care either and we know how that turned out
Hubby want’s to retire in two years, maybe he should do it sooner. I wonder if they’ll try to touch Defined Contribution Funds?
What scums...I’m really getting sick over this crap.
So what are we going to do about it?
I will contact my Senator and Representative tonight, and tell them this will never be talked about if they are in office.
Thinking of pulling it all out to buy land. I’ll be in debt, but when the dollar crashes and i need a wheelbarrow to take my cash to the bread store, ill be able to pay off the loans just as fast.
You know I think Obama has signed some legislation
on retirment accounts but I am not sure what it was I am going to see what I can find
“Thinking of pulling it all out to buy land.”
We did that about five years ago. I think it was the best decision we made together. It’s farmland and now we are doing some farming and it’s made a huge difference in our lives and lifestyles. Cutting back on “stuff” pays off in many ways. Also building a small house helps too. we didn’t have to buy extra “stuff” to fill it up. If you know what I mean.
“...but it’s hardly a good idea for making public policy.”
However, the Statist has set up the State as the false god. Now I’m thinking some Old Testament stuff. Throw in the Maccabean Revolt.
“House Education and Labor Committee Chairman George Miller, D-Calif., and Rep. Jim McDermott, D-Wash., of the Ways and Means Committee focusing on “redirecting (IRA and 401k) tax breaks to a new system of guaranteed retirement accounts to which all workers would be obliged to contribute,”
Interesting in deed. Sounds like they are looking for cash for their own failed pensions.
[Mr] T
It's acually a pretty good financial tool if you know how to use it right. I borrowed a pretty decent sum of money from my 401(k) account a couple of years ago to finance a business venture. The interest rate was very low (4.25%), and that rate was better than what I was getting on my bond funds anyway so I cashed them in to get the money.
This would make everyone dependent on the government sooner or later.
I did a little checking, it looks like as a defensive move it could work, but if I get laid off or quit, then I have 60 days to pay it all back, or face fines. If I don’t pay it back, they want 5 per cent right off the top and then tax the remaining funds left, etc etc.
We could borrow up to 50k (or half, whichever is less) and then sit on it, but payroll deductions have to be used to pay it back. That might be a good idea, but some plans don’t allow new contributions while paying back a loan. Might be offset somewhat by a lower taxable income in future years? Kind of a pain, but am still considering this.
1. They DO allow me to keep contributing while I repay the loan.
2. The interest rate is fixed for the full term of the loan (as long as five years).
Item #2 is a huge advantage especially if interest rates rise. It even works well in a low-interest environment like we see today if you have the ability to borrow the money, invest it in something that gives a decent rate of return OUTSIDE your 401(k) plan, and then pocket the difference (after paying taxes on it) as you pay the loan off.
You’re right, thanks.
http://www.dsausa.org/dsa.html
Teddy, their White Knight, had lost his own party's nomination and now Reagan had won the Presidency.
The wind had come out of their sails. the meeting was in a church literally in the shadow of our state capital building.
The head speaker, at the time our state Senate majority leader (democrat) walked to the podium, took a card from his pocket, held it up and said: “I, like you, am a card carrying Socialist.”
He then went on to say that they had suffered a blow and would not now be strong enough to come out in the open as Socialists so they were going to follow a new plan: “infiltrate and take over the Democrat Party.”
They laid out the strategy of getting into the party from the local level and all the way up. And when they gained power - one of the main maneuvers was: “WE must get control of the pension funds.”
Well, here we are, folks.
Better to take out your 401K now and take the hit - or let them confiscate and control it?
I managed to get out by the skin of my teeth - and two days later, the whole story, complete with quotes, made the front page and each senator came to the chambers and found it on his/her desk. There was some gnashing of teeth and I had another close call with the senator - fun times. But not enough people paid attention. What else is new.
"2 weeks ago" LOLOLOLOL
How about 30 years ago?
(see my post 117) - Trouble is, no one listens, no one inquires, no one makes it his/her business to get involved, to learn.
Knowledge is protection.
But hey, better run, y'all, Dancing with the Stars" is on - or is it Idol or Survival?
Guess what - It's SURVIVAL - and we're all on the brink of losing the game because the field was left to the predators.
you do know, of course, that the health bill allows them total access to all your finances, bank accounts, etc.
If they have access, they can also appropriate - for the good of all, you know. If I still had any money - I'd buy land. Like Will Rogers said so long ago - "they ain't making any more." If things go from bad to worse to catastrophic - I could always pitch a tipi on it.
Communism started Sunday Night.
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