Posted on 06/08/2010 7:41:05 AM PDT by gartrell bibberts
In February, the U.S. Treasury and Labor departments jointly announced they were seeking public comment on proposed design changes to employer-sponsored 401(k) plans and individual retirement accounts that would centralize the private pension system under structures created and administered by the government… At stake for the millions of Americans with private retirement plans: Would they be able to continue making their own investment decisions? Or would Congress mandate both investment options and distribution methods? Government Retirement Accounts also would prevent workers from owning their retirement savings fully, as they could bequeath only half of their remaining account balances to their heirs…. Teresa Ghilarducci, professor of economic policy analysis at the New School of Social Research in New York, is among those advocating Congress to remove favorable tax treatment for 401(k)s, which opponents say essentially would eliminate any reason for companies to offer these plans, and instead offer GRAs…. The Annual Report of the White House Task Force on the Middle Class, released in February, strongly favors automatic IRAs, annuitization, and GRAs (see Annual-report-middle-class.pdf). A July 2009 Government Accountability Office report on private pensions prepared for the House committee details the advantages and trade-offs of alternative retirement options currently under consideration (see GAO-09-642.pdf). [The GAO] report concludes that any centralization or nationalization of the private pension system, especially one that guaranteed a rate of return, “may be a costly and complex effort that requires new regulatory and oversight efforts. These costs could be passed on to workers, employers, and taxpayers in general.”… Government officials vociferously deny any intent to eliminate 401(k) or IRA investments in favor of a government-run system. Joseph Dewolk, a spokesperson for the U.S. Department of Labor, told Carolina Journal it’s inaccurate to say they’re looking to convert IRAs or 401(k)s to a government-run plan. “I would refer you to the ‘Request for Information’ because it’s just that, a series of questions to gather input from the public and others about our proposed rules. It’s about making sure Americans can make their savings last.” [hmmmm]….
And what power they have. They are going to use it too. They will never have another chance like this again.
They will do it too. And the American Public will do nothing but take it.
Thank you...
At the current pace, we may find out sooner rather than later.
If you haven’t liquidated your 401k and/or IRA and converted the FRNs to ... a solar-powered Blu-ray player, you’re a fool...
Bears repeating ;-)
AND REPEATING
Affirmative. I truly believe Obama, Pelosi, Reid, etc. all want Americans to rise up and attempt to fight them with weapons. I think that's what they're waiting for and counting on. Then, martial law will ensue and they can take over completely, without having to wait, pretend to be nice, or to endure any more bogus, ACORN-finagled elections. It's part of the plan and I'm betting they're sitting there wondering why their plan hasn't worked yet.
What do you have to lose at that point?
Freedom is just another word for nothing left to lose.
I like it.
Permission to steal?
Grand theft that ain’t so grand...
We can see November 2012 from ours. ;^)
Sure - it’s not mine anyway. Got it from Barry Young on KFYI.
Time to buy ammo and shoot their ass if they try it . That is robbery and will be punishable by death in my neck of the woods .
Ping
Well, re the “First bank of the Mason Jar” I beat you by about 5 or 6 months. Just wish I’d deposited more in it!!!
bttt
bttt
Remember, this is the only way to fund SS for the boomers. Many of them, and quite a few on FR, will suppot this plan.
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