Skip to comments.Administration Advances Plan to Federalize Private Pension System
Posted on 06/11/2010 11:50:30 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.
Supporters say these changes are needed to ensure Americans save more for their retirement and have lifetime income options that prevent them from outliving their retirement savings, protecting them from market risk.
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.
(Excerpt) Read more at carolinajournal.com ...
This needs to be stopped in its tracks.
As a currency collapses, the government will thrash about like a mortally wounded shark, looking for any “legitimate” means to prop itself up for the next day or week.
They will seek to confiscate ANY wealth that they can get hold of.
Oh . . . but they took such good care of our social security . . . . /sarc
I think this is a “trial balloon”, meant to gauge public opinion (hostility) to the idea, and yet to plant a seed of inevitability about it. And yet, if they are so bold as to advance a plan effectively nationalizing 401(k)’s for example, all that will be inevitable is violence.
If it even looks like the ‘Rats are going to seize 401k accounts, I’ll cash mine in and take the tax hit.
Up theirs. Damned if my dough is going into a phony “lock box” that’ll be raided to fund ‘Rat voters and will go bankrupt before I retire!
This is how the Argentine government stole all the wealth that its more prudent and hard working citizens had saved up, so it could be handed out to public employee unions and government-supporting layabouts. It is rank thievery. We should resist it by ANY means necessary. Any politician or bureaucrat supporting it should suffer the most dire consequences.
All your money are belong to us.
They already see us as serfs and are just finalizing some of the legalities.
Pray, prepare and vote while you still can.
The real reason for the Death Panels?
Probably. Go ahead and produce an armed population living under a terminal diagnosis, and who has nothing to lose any more. Go ahead. Let them do it.
Are we in the middle of a communist coup? It sure feels like it.
How's this for hostility....they take my 401K and I'll shoot one or two of them.
These people will not give up until there is bloodshed.
Pssst! Pssst! Jane Fonda and Ted Turner have a lot of moola and they love communism.
They have no reason to give up. We’ve not been able to stop any of this illegal administration’s ‘initiatives’ to this point. They have nationalized industry, financial institutions, healthcare, and they are now working on the rest of the media they don’t already control, the private wealth of the nation is merely the next stage in the grand scheme to destroy the country, and sink us into the hell that is socialism.
It’s time to take back the country.
The communist coup is the reason for collapsing the currency.
They want to make it SO bad that the country will be willing to give up its liberty in exchange for some promise of relief.
This is the reason the Antichrist comes to power during the tribulation. I don’t see THIS as the tribulation, but it may be a forerunner.
Aside from the issues of them taking our money.... think how many more people will be put out of work in the private sector by something like this!!!
I’m there with you. In fact, I’m changing jobs soon (hopefully) and I’m thinking that I was planning my 401K to pay for my retirement home, that I might just want to take the tax hit now and buy that 40 acres this year.
If they try and do this I would be motivated to do something more than just complaining about the socialists in DC. Our DC politicians have already destroyed my retirement savings by F)&$ing Up the investment system. Now they think they can steal it and Federalize it!
Not while I am still breathing!!
And he wants to control the internet. It isn’t going to get any better.
Sooner or later, they’re going try and grab something and draw back a bloody stump. This may be it.
There is something evil going on..that’s for sure. Nothing makes sense anymore. We have a President and administration completely out of control and pushing our country into ruins.
just try it, bastards...
“Do you feel lucky....punk?”
Every one of these outrageous proposals is a call to action for CONSERVATIVES!
Also, from the article “.... 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.”
Only keeping/bequeathing half of your saved and invested earnings (for starters!!) is a pretty sweet way to collect cash from all the old and infirm they’re going to kill.
I agree with your assessment.
There will be violence and riots in the streets if they try to pull this off.
Unfortunately, I think you’re right. I’ve been feeling this way for over a year now.
How will we know when this is going to happen—will we have timme to take out our 401Ks before they change the current law on retirement accounts?
After I earned my Commission and arrived at my permanent duty station my new Squadron Commander told me I should think of starting an IRA. Since I was an older, prior enlisted type of “butter bar” I had been reading about different savings and retirement plans.
I told my Commander that I did not like the idea of IRAs because the politicians would try to take them one day with the excuse that since we got tax breaks on them the Government owned them. My Commander tagged me as a “boat rocker.”
It has taken 25 years since that time but my statement is now becoming reality.
The gubmint wins either way:
I listened to Mr Laffer’s assessment of a coming crash in Jan ‘11...profits and income being front-loaded this year because the Bush cuts retire in the 1st...which is making the economy artificially robust, now. If they can spook people into cashing out their 401’s, revenue will be up sufficiently to cover the crash...resulting from less reportable income in ‘11... a bit.
If they get the pensions, they'll likely be means-tested. A number of ways to engineer one for you, two for them.
If they don't, they'll scrape what they can now, with fears of a taking.
Not incompetent governance...just sneaky smoke and mirrors, and purposeful theft....if they can get away with it. All they need is votes. And they'll lie to get them.
Anybody who put their money in a 401K instead of doing something important with it should have seen this coming.
Set a hug pile of UNTAXED money in front of the government? not me...
The whole purpose is to avoid the hideous tax laws- and thay can’t let that go on.. there’s a deficit they need (your) money for!
They can just ‘merge’ it into your social security account!! Don’t worry- its still yours- it in your account!
It would be nice in these threads where the “government is asking for comment” if someone knowledgeable would post a link to WHERE, HOW, and TO WHOM such comments should be directed.
Oh yeah, this is a great way to guarantee people have retirement money. Force them to put everything into government bonds that pay less interest than the inflation rate. Yeah, the math sounds about right for a government program. Where do I sign up!
It was posted previously and the comment period expired long ago- here is the link of comments that have been recived
Those dolts in Washington can see for themselves how much is invested in retirement vehicles by looking at the annual statements for life insurance companies for instance. There are billions and billions of dollars at stake. Any move by the feds to take this money would be placing OUR retirement money at risk...........ya know, kinda like social security. People pay attention!
If you follow the link and read the article, you find that the deadline for comments was may 3. Apparently the government decided not to widely tell people about the comment period until it was a month expired.
Land of the used-to-be free, home of the slaves.
and you can bet your arse they have most of it offshore where it can't be touched by the fedgov
Why not—after all federalizing mortgages worked out just swell.
Congress needs to be told, you take my money, we take over DC.
Enough is enough. These people are out of control.
Since they can no longer steal from Social Security, they need a new revenue stream. Noone will ever see of nickel from a GRA.
They’d be fine with that and are in fact counting on people cashing out, it’s an additinal 10% revenue to them. They also might get away with this, the entitlement class doesn’t have these accounts so they will support it.
They will set up some sort of a pilot program to allow people to opt-into this new federal plan on a “trial” basis. Then when the market inevitably takes its next steep drop the airwaves will be flooded by testimonials from these people saying “Whew! That was close! I sure am glad I opted for the saftey and security of a guar-unh-teed pention from my Uncle Sam, yes siree bob!”
Yes, but Ted and Jan also “share” that wealth with Democrats by contributing to their campaign funds, think tanks and “non-profit” organizations. Their money is safe.
Is it time to cash out yet?
“How will we know when this is going to happenwill we have time to take out our 401Ks before they change the current law on retirement accounts?”
I doubt it. It would probably happen with a bank holiday, announced over a three day holiday, where most markets are closed, here and at least in Europe as well.
Same here. And if the FedGov asks what I think of them taking over my SEP, I will tell them F*** NO!
Latest business meeting - NO Fedgov contracts to be bid on. Walking away from some DoD and DoE projects.