Skip to comments.Senator Harkin Proposes ‘USA’ Retirement
Posted on 01/30/2014 2:57:45 PM PST by Rusty0604
January 30, 2014 (PLANSPONSOR.com) Proposed legislation from Senator Tom Harkin (D-Iowa) would expand access to privately run, portable retirement plans for all workers.
Harkin, chairman of the Senate Health, Education, Labor and Pensions (HELP) Committee, began scouting the idea of an auto-enrolled plan for all workers in 2012 to address the countrys growing retirement crisis
"The plan would be shaped as a lifetime stream of income, Harkin said in a press conference. Unlike 401(k) plans, there would be no lump sums and no borrowing. The assets would be annuitized at retirement age.
(Excerpt) Read more at plansponsor.com ...
What's it really about...screwing everyone a little more on their SS.
Jesse Jackass has been pushing this crap for a long time.
A Fedgov annuity? What could possibly go wrong?
The Democrats KILLED Bush over this!! What HYPOCRITES!!
Congress Dems aren’t wasting any time “saving” our retirement.
The bastards can stop doing me favors anytime they like.
So are the admitting that SSA does not work and going broke?
Time for a new scam!
What they don’t like about MyRA is that people are allowed to take their money if they need it. With Harkin’s plan, they will not be able to take early distributions or decide the amount of their distributions.
Life insurance companies (think Warren Buffet) have been lobbying for this because they could profit off the annuities.
OMG....I just skimmed the one paragraph. I should have KNOWN it would be BAD!
“Harkin Plan Gets Many Thumbs Up”
See my post #10
Government controlling your savings....real good idea.
This is just the soft approach to access retirement/private savings/investments.
You put in 6% of your income and get income for life? Sounds sort of like Social Security.
Don’t tell me. If you DON’T MAKE IT TO RETIREMENT, the lowlife scumbag politicians in the Federal government gets to keep you retirement money. KMA Harkins!
Harkin Steak Fry
I’ll just keep “feathering” my mattress.
“No borrowing” As in you can’t borrow from your own account, but the government sure as hel( will.
This is a trap...run away as fast as you can...
Social Security liability is $16.8 trillion. Yes, that’s in addition to the nominal national debt of about the same amount.
The Social Security ponzi scheme is broke and the debt is unpayable so the government is frantically looking to do two things: (1) devise an alternative income stream for retirees to effectively “bail out” Social Security and (2) find a new source of Post-QE money that can be used to purchase government debt (i.e., bonds) so the government can keep on spending money it doesn’t have.
Yeah they did. Someone needs to find their speeches.What was it called when Bush did it?
If it’s voluntary, bravo. If not, this is dead wrong.
Gotta better idea: How about we phase out Social Security through allowing us to invest our “SSI” Taxes in whatever we want rather than the Federal Government?
So are the admitting that SSA does not work and going broke? Time for a new scam!
You’re on the right track. Please see my post #20.
You still think that’s your money? /sarc
You are right on.
I would like to see the penalties and jail time in the bill for any politician or federal government worker who accesses any of this money.
why don’t “they” just let folks put more into that fabled social security lockbox?
so those who piss away their $$ and WE have to feed them are going to contribute to a retirement plan??!!
And the $$ will be put in a “lock box” and not spent/stolen??!!
Argentina did this in 2008, and methinks it didn’t help the Bandit/Thugs who run their Govt. at all. Harkin is retiring, so he doesn’t care if he nails some more spikes into the American Coffin. Just part of the NWO/Globalist plan to bankrupt countries and make us all slaves.
Huge See, I Told You So from 2008: Democrats Try To Take Your 401(k)
Rush Limbaugh ^ | 11/1/2010 | Rush Limbaugh
Just for historic reference mind you. I am tired by all the folks who seem ‘surprised’ that this is making the rounds again.
The Myra is the camel’s nose in the tent. Once they get that setup ...it is a simple push of legislation. The Myra has nothing to do with what it sounds like. It is just an incremental step at getting the systems in place for this law.
They'll balance the Federal budget by shortening your "lifetime", thus reducing the "stream of income" they have to pay out to you. Who did you say you voted for in the last election, Mr. Voter?
The gov’t that is $16T in debi is offering investments. Ha ha ha.
Of course they did... when it wasn't THEIR idea.
And, of course, there would never be any confiscation of retirement savings from those who worked hard and saved...
...and never any re-distribution to those who did neither (Ha!).
Even Hillary back in the 90s wanted to put IOUs into 401(k)s and use the money to fund children's programs. The Left wants your retirement account, it's not fair that you schlubs worked your butts off and was responsible to save.
I’m not surprised at all. When it happened in 2008 I wrote to George Miller a scathing email about it to which I actually rec’d a response. I also wrote other people involved and posted the information on sites so people would be aware.
Now time has passed and they are at it again. We all need to stand up against it again this time.
“Argentina: raiding its own pension fund”
Even Hillary back in the 90s wanted to put IOUs into 401(k)s and use the money to fund children's programs. The Left wants your retirement account, it's not fair that you schlubs worked your butts off and was responsible to save."
This just might be the event that would decorate lamp posts, even in deep blue areas of the country.