Posted on 03/01/2016 10:33:14 PM PST by Mr Apple
Federal labor officials may soon destroy free choice in the retirement system by overhauling investment regulations, according to a report Wednesday.
The Department of Labor (DOL) has argued people are just not knowledgeable enough to plan for their own retirement. It has proposed a rule to categorize more people...
(Excerpt) Read more at dailycaller.com ...
More regulations on the way.
fyi
The Secy of Labor is Tom Perez, a far-left, white-hating former leader of the neo-Marxist Casa de Maryland, a illegal immigrant protection society/organization.
If he’s around, he’s dangerous. Was one of Eric Holder’s pet leftists while at Justice.
Thanks for posting background on Perez. I did a google:
***
"VP chatter turns to Tom Perez, a pick that could help Clinton with progressives"
U.S. Secretary of Labor Tom Perez likes to bring up the exact number of days left to take action in Barack Obama’s presidency. Perez even keeps a countdown calendar on his desk identifying Jan. 20, 2017 — the next president’s first day in office — as the day his “weekend” begins.
But Perez might have to wait for his weekend, as there’s growing buzz he could be an ideal vice presidential pick for Hillary Clinton if she wins the Democratic presidential primary.
Clinton is still in the midst of a tough fight against Sen. Bernie Sanders. While her campaign remains focused on that race, her huge victory in South Carolina’s Democratic primary on Saturday vaulted Clinton back into frontrunner status and polls indicate she’s set to widen that lead on Super Tuesday this week. So now Democrats are beginning to speculate about who she might tap as a running mate. Perez, according to some in the party, could singularly help Clinton appeal to progressives energized by Sanders’ campaign and help unify the party once he bows out.......
https://www.yahoo.com/politics/tom-perez-the-dark-horse-vice-presidential-pick-203317556.html
They can’t help themseves. They see this untapped pool of money and their greed overwhelms them.
This is not a good thing, hope they don’t pull it off.
The Department of Labor (DOL) has argued people are just not knowledgeable enough to plan for their own retirement
Government: Creating problems where none exists, in order to implement policies that won’t work.
I don't know which one is to be feared the most the DOL or the uniparty, they both intend harm to the retired.
The retired are easy pickings for the lawfare sharks because they have the least resources to put up a fight in court.
I've not heard any candidate address the needs or protection of the retired.
The Department of Labor (DOL) has argued people are just not knowledgeable enough to plan for their own retirement
This is about destroying the 401k - 403b model so you default to a Gov't based super-IRA aka Social Security on Steroids.
I gotta run, I wish I had more time to opine, so much more to what they are doing to financial professionals and their firms.
This is also too big to fail, less choices bigger firms...
This smacks of the plan by that New School bimbo Ghilardi (sp) to take over all retirement accounts and issue new bonds proportioned “equitably “ among retirees. They are like rats, always looking for a way to get the goodies.
which means more companies dropping out of the retirement savings industry...
didn’t MetLife just get out of a big portion of the retirement funding biz?
All of this is bad news! When is Valerie Jarrett going to stop instructing obamer what to do! Jan 20 I suppose! :(
I fear less choices for 401k recipients, and at some point small companies saying awe frig it I ain't gonna deal with this anymore and not offer them. This was all based on the consumer is getting screwed, no the consumer needs to due their own due diligence and make serious proposals to their HR departments to choose a platform that is low cost. Insert name of your favorite No-Load firms that are in this biz. BTW, that shouldn't be their own criteria, their are others more later on that.
FWIW this even force more employers not to just offer these 3rd party advisers for their employees 401k's etc, but perhaps they will demand you ( no option ) pay the .45% per year or whatever they charge to give you advice to keep them legally out of hot water.
BTW 401k options from what I have seen after all these changes are beginning to suck. Everyone is afraid of FINRA and cost, I think I saw one where they dropped some good funds.
IMHO This is about forcing "Fiduciary" rules down firms throats via a Pen and a Phone rather than the Congress and the Senate coming to an agreement as their K-Street masters nag them.
Look, you need to pay for advice even to choose a 401k as an HR rep, either Commission Based, Fee Based, or "Fee Only" which is a little know niche. With that said IMHO Bawney Fwank / FINRA / DOL / Obama are trying to nudge everyone to the Fee-Only model, whether they want to or not. What Liberty is their in that? I want to decide thank you very much...
Funny——Many of us have worked since we were in our mid-teens. We bought houses—cars—furniture—put ourselves & our kids thru education higher than 12th grade—took vacations—ran businesses-—and survived to 65.
For many of us, that translates to 50 years of choices.
AFTER all that success, the Liberals think that we cannot choose our own retirement plans.
Funny——Many of us have worked since we were in our mid-teens. We bought houses—cars—furniture—put ourselves & our kids thru education higher than 12th grade—took vacations—ran businesses-—and survived to 65.
For many of us, that translates to 50 years of choices.
AFTER all that success, the Liberals think that we cannot choose our own retirement plans.
AFTER all that success, the Liberals think that we cannot choose our own retirement plans.
Yes, my Dear sweet father died at 63 and he would turn in his grave if he knew all of this would come about via everything that obama and the clintons have done to our country.
But....but...didn’t you rely on UC, Wic, Snap, SSDI? I didn’t and was told recently I should be ashamed of myself.
Obama’s DOL - can’t wait until 1/17.
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