Financial QUESTION: Obama and Democrats Trying To SEIZE Retirement Accounts (IRAs, 401Ks) ?

H.R. 2035: Automatic IRA Act of 2013; 113th Congress, 2013–2015. Text as of May 16, 2013 ^ | Aug 0, 2015 | Yosemitest

[Yosemitest]

Financial QUESTION: Obama and Democrats Trying To SEIZE Retirement Accounts (IRAs, 401Ks) ?
Aug 9, 2013

I want to know what other Free Republic Members know about this H.R. 2035: Automatic IRA Act of 2013

I got an e-mail stating:
"Obama & BIG Government Are Planning To Seize Retirement Accounts!"

President Obama’s FY2014 Budget Plan brings us one Large step closer to De-Privatizing IRA’s & 401k’s.

Much like Obamacare, Obama’s “Automatic IRA” will force employers with 10 employees or more, to “automatically” enroll their workers in the new Government run accounts. Obama’s Automatic IRA will be managed by the Social Security Administration(SSA).

Okay, I though; it's just another scare tactic to to divert attention from them trying to get Immigration Amnesty through.
But then I started digging to convince myself that ot was NOT true.H.R. 4049 (112^th): Automatic IRA Act of 2012 was re-introduced as H.R. 2035 on May 16, 2013. See H.R. 2035 for current action on this subject.

I found the text of H.R. 2035 here http://www.govtrack.us/congress/bills/113/hr2035/text

The current Bill is sponsored by Rep. Richard Neal [D-MA1].

I found it currently has one co-sponser and that is Ellison, Keith [D-MN5].
But I can assume that the old bill co-sponsors will support the current bill.
Blumenauer, Earl [D-OR3]
Honda, Michael “Mike” [D-CA15] (joined Feb 28, 2012)
McGovern, James “Jim” [D-MA3] (joined Feb 28, 2012)
Stark, Fortney “Pete” [D-CA13] (joined Feb 28, 2012)
Rangel, Charles [D-NY15] (joined Mar 20, 2012)
Deutch, Theodore [D-FL19] (joined Mar 29, 2012)
Crowley, Joseph [D-NY7] (joined Apr 19, 2012)
Larson, John [D-CT1] (joined Apr 19, 2012)
Lewis, John [D-GA5] (joined Apr 19, 2012)
Pascrell, Bill [D-NJ8] (joined Apr 19, 2012)
Schwartz, Allyson [D-PA13] (joined Apr 19, 2012)
Thompson, Mike [D-CA1] (joined Apr 19, 2012)
Tsongas, Niki [D-MA5] (joined Apr 25, 2012)
Himes, James [D-CT4] (joined May 07, 2012)
Tierney, John [D-MA6] (joined Aug 02, 2012)
Ellison, Keith [D-MN5] hzx already signed on the current bill, (joined Sep 14, 2012)

The current bill is in the House Education and the Workforce House Ways and Means.

I highly recommend we click on those links above and use their links to call them and stop this NOW !

[Yosemitest]

Go get 'em !!!
Has anyone else heard of this or know about this?

Can they really steal our IRAs and 401Ks ?

[Mears]

bfl

[17th Miss Regt]

Who will stop them? The republicans won’t.

[Jonty30]

Is there anything they have shown to be unable to do?

[elpinta]

“Can they really steal our IRAs and 401Ks ?”

Of course they can, and they will; not the first country to suffer from this ‘progressive’ idea.

[NTHockey]

Only if they don’t value family, property and themselves.

And to the NSA trolls, FU.

[Jonty30]

You should put that NSA comment in your sig.

It’s good.

[cherry]

since 401K's are the ONLY retirement accounts that normal, private industry workers have, then its ONLY them who will suffer....

the govt class has their already fat obscene defined pensions....

we lose again...

[warchild9]

They can steal them because they have the firepower.

That’s what the Civil War was really about: do the lawyers in Washington have the right to kill anyone who doesn’t obey them.

[muir_redwoods]

they can always increase the tax on them to 95%

[doc1019]

The mile high stack of blank Executive Order chits on his desk guarantees he can do most anything he wants.

[ClearCase_guy]

There was a story here just the other day from Pennsylvania. Seems some old guy had a crappy yard filled with junk and his town didn't like it, and tried to take some of his property away from him.

He went downtown and started shooting at the town hall.

That was over a crappy yard filled with junk. If the government starts grabbing IRAs and 401Ks -- and don't get me wrong, I pretty expect them to try it -- but when they do, there really will be blood in the streets. That's Lexington Green all over. Some lines cannot be crossed without repercussions.

[phockthis]

Teresa Ghilarducci Wants to Confiscate Your IRA, 401k & Pension

http://www.youtube.com/watch?feature=player_embedded&v=s9UD5UEJGEA

[St_Thomas_Aquinas]

Who will stop them? The republicans won’t.

That's the $64,000 question. I don't know what Zippy's waiting for. Maybe he's afraid of the one or two conservatives left in Congress --and the well-armed Tea Party.

[Yosemitest]

There’s a lot of people who’ve already stored a lot of ammo to fight this war.

[Excellence]

‘(1) IN GENERAL- The term ‘automatic IRA arrangement’ means an arrangement of an employer (determined without regard to whether the employer is required to maintain the arrangement)--

‘(A) which covers each qualifying employee of the covered employer for the calendar year,

‘(B) under which a qualifying employee--

‘(i) may elect--

‘(I) to contribute to an individual retirement plan, or to purchase a qualified retirement bond on behalf of the employee, by having the employer deposit payroll deduction amounts or make other periodic direct deposits (including electronic payments) to the plan or to be invested in retirement bonds (whether to the Secretary of the Treasury or to a designated trustee or other agent for that purpose), or

‘(II) to have such payments paid to the employee directly in cash,

‘(ii) is treated as having made the election under clause (i)(I) in the amount specified in paragraph (4) until the individual specifically elects not to have such contributions or purchases made (or specifically elects to have such contributions or purchases made at a different percentage or in a different amount), and

[automatic opt-in until employee opts out. -ed]

‘(iii) may elect to modify the manner in which such amounts are invested for such year,

‘(C) which meets the administrative requirements of paragraph (2), including the notice requirement of paragraph (2)(C), and

‘(D) which does not charge unreasonable additional fees solely on the basis that the balance in an automatic IRA is small.

[elpinta]

“we lose again...”

Over and over again, still.
Not sure when or even IF this will end.

[skinkinthegrass]

hehe..the rats won't know what's in store for 'em in '14.

[Yosemitest]

Thanks for the link.
May she be the first to be buried!

[cherry]

there will be no blood in the streets....you know it and I know it....

we're good little peasants and we'll put up with like we do everything else....

[Domandred]

H.R. 2167 (110th): Automatic IRA Act of 2007
H.R. 6099 (111th): Automatic IRA Act of 2010
H.R. 4049 (112th): Automatic IRA Act of 2012

Trying but continuing to fail

[Lumper20]

True.

[Yosemitest]

How many times do we have to tell these COMMUNISTS, "NO!" ?
It's time to shut them up, PERMANENTLY !

[Zeneta]

Can they really steal our IRAs and 401Ks ?

__________________________________________________________

For many years business’s would overcharge their customers on any number of items. They counted on MOST of them Not discovering these charges. When they did, it was a customer service issue and the problem or overcharge was corrected.

That is one form of theft.

The wholesale taking of someones money from their retirement accounts is brazen theft.

Look at what just happened in Cypress.

EDITORIAL: Grand theft Cyprus
Obama eyes a similar raid on 401(k) accounts

http://www.washingtontimes.com/news/2013/apr/18/grand-theft-cyprus/

I think they will push for a form of “transaction” tax, and broaden the definition of transaction to make this theft less noticeable.

[Undecided 2012]

The guy in Pa was a nut case. MIllions lost millions in the bank/real estate collapse and nobody when nutso.
Nutso will happen when freebees are cut of for the liberals, then you’ll see blood.

[taildragger]

I scanned this document an a term came up over and over, a “retirement bond”. Never heard of it, and I am well versed in this arena, I smell a rat here....

[SharpRightTurn]

Expect Boehner to say that there is no way the House will take up this bill, and then start working on “components” of it, with Cantor carrying the water for him.

[kevao]

They’ve been doing it already for years. Monetary policy, easy credit, monetization, QEI, QEII, QEInfinity....By whatever name you want to call it, they’ve been devaluing the currency and robbing our accounts of their purchasing power for years. It’s just a more stealthy and gradual way to do it than outright confiscation. But the end effect is the same.

[antceecee]

May I post your comments to my Facebook?

[OneWingedShark]

That’s what the Civil War was really about: do the lawyers in Washington have the right to kill anyone who doesn’t obey them.

And that's what the next will be about, too.

[Yosemitest]

I agree!
Being retired military, I've seen the declining value of the Dollar, and I'm familiar with exchange rates from being overseas.
I'll celebrate the death of the Kenyan TURD, and it can't come too soon!

[OneWingedShark]

we're good little peasants and we'll put up with like we do everything else....

I dunno; this would be personal to a LOT of people. I'm sure at least one would find it beyond bearable.

[Yosemitest]

Be my guest!

[LongWayHome]

They are going to find a way to tax the tax-free income that was promised when 401ks & IRAS were set-up. Bet on it. There’s tens of billions of dollars sitting around in these accounts as the baby-boomers age. Expect the tax grab once Hillary steamrolls the Loser Jeb or fat-boy Christie in 2016. God help us all.

[Yosemitest]

I've never heard of a government “retirement bond” either.
Will it turn out like the government's stealing of 716 BILLION DOLLARS from the Medicare funding?
It'll probably be WORSE !

[Noamie]

They will take it.

It could be 20 years from now, but anyone who thinks that any government on Earth will permit these type of retirement plans to bear fruit is ignorant of the history of man, and the greed of government.

[phockthis]

I believe that video is from 2004, not positive because I haven’t watched it in a few years.

I do know they have been talking about it since then though.

[maine-iac7]

While America either sleeps or is mesmerized by “Idol” or “Dancing” or “Bachelor” - the socialists have been plotting to ‘get control of the retirement accounts" since at least 1980.

It was part of their stated goals in their new organizing strategy after they lost to Reagan -

There's been plenty of time to stop this - but people are too busy doing nothing to pay attention - we get the gov;t we deserve...

[Yosemitest]

Taildragger (I ass/u/me you're a carrier pilot) do you think I can wait until 2016 to drain my P.M. I.R.A. ?
Or do you think that that's too long, and the thieves in the government will take it?

[jy8z]

there will be no blood in the streets....you know it and I know it....

If they touch my hard earned dollars that I will need in the near future...there will definitely be blood in the streets. I'll start it if I have to.

[Calvin Locke]

The first I heard of it was in the last year of Bush43, by some Kali Dem congresscritter.

[FrdmLvr]

ping

[Yosemitest]

"Let him who wants peace, prepare for war"

Great quote !

[nascarnation]

They are going to find a way to tax the tax-free income that was promised when 401ks & IRAS were set-up.

I've been in 401k (and now converted to IRA in retirement) since they initiated in the early 80s. I don't remember any promise that they were tax-free. They have always been tax-deferred.

[Yosemitest]

Have you heard of a Roth IRA?

[grobdriver]

Ping for reference.

[nascarnation]

Certainly, but in the context of his comment, there was no mention of Roth.

[La Lydia]

This bill is in a House Committee. All bills are assigned to a committee when they are introduced. It is a Democratic bill. Republicans control the House. Republicans control the committee. How far do you think this bill is going to go? All they have done is show their hand. They are thieves.

[servantboy777]

>>There’s a lot of people who’ve already stored a lot of ammo to fight this war.<<

These jackasses are oblivious to the power and ingenuity of the average Joe-six-pack.

They keep pressin ahead, sooner or later Joe's gonna come out a swingin.

[i_robot73]

Ah, yes. And Ruby Ridge was some ‘nut case’. Waco was some ‘nut case’....

That guy had a line, and they crossed it. When you’re being stuffed into the box cars, it’s a tad too late to fight.