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Administration Advances Plan to Federalize Private Pension System
The Carolina Journal ^ | June 09, 2008 | Karen McMahan

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 ...


TOPICS: Government
KEYWORDS: government; pensions; retirement; theft
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The people will never give up! November is coming!!
1 posted on 06/11/2010 11:50:30 AM PDT by gartrell bibberts
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To: gartrell bibberts

This needs to be stopped in its tracks.


2 posted on 06/11/2010 11:52:02 AM PDT by Eric in the Ozarks (Impeachment !)
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To: gartrell bibberts

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.


3 posted on 06/11/2010 11:52:03 AM PDT by MrB (The difference between a (de)humanist and a Satanist is that the latter knows who he's working for.)
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To: gartrell bibberts

Oh . . . but they took such good care of our social security . . . . /sarc


4 posted on 06/11/2010 11:53:48 AM PDT by RatRipper (I'll ride a turtle to work every day before I buy anything from Government Motors.)
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To: gartrell bibberts
Federalize = Socialize.

...prevent them from outliving their retirement savings...
The real reason for the Death Panels?

5 posted on 06/11/2010 11:54:54 AM PDT by BitWielder1 (Corporate Profits are better than Government Waste)
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To: Eric in the Ozarks

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.


6 posted on 06/11/2010 11:55:57 AM PDT by andy58-in-nh (America does not need to be organized: it needs to be liberated.)
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To: gartrell bibberts

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!


7 posted on 06/11/2010 11:56:02 AM PDT by Nervous Tick (Eat more spinach! Make Green Jobs for America!)
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To: gartrell bibberts

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.


8 posted on 06/11/2010 11:56:53 AM PDT by ccmay (Too much Law; not enough Order.)
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To: gartrell bibberts

All your money are belong to us.


9 posted on 06/11/2010 11:57:39 AM PDT by Army Air Corps (Four fried chickens and a coke)
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To: gartrell bibberts

They already see us as serfs and are just finalizing some of the legalities.

Pray, prepare and vote while you still can.


10 posted on 06/11/2010 11:58:04 AM PDT by skr (May God confound the enemy)
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To: BitWielder1
...prevent them from outliving their retirement savings...

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.

11 posted on 06/11/2010 11:58:53 AM PDT by Gorzaloon (CNN:AP:etc:Today, President Obama's stool was firm and well-formed. One end was slightly pointed. ")
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To: MrB

Are we in the middle of a communist coup? It sure feels like it.


12 posted on 06/11/2010 12:02:01 PM PDT by penelopesire ("Did you plug the hole yet daddy?")
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To: andy58-in-nh
meant to gauge public opinion (hostility)

How's this for hostility....they take my 401K and I'll shoot one or two of them.

13 posted on 06/11/2010 12:02:03 PM PDT by tbpiper
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To: gartrell bibberts

These people will not give up until there is bloodshed.


14 posted on 06/11/2010 12:03:59 PM PDT by Sloth (Civil disobedience? I'm afraid only the uncivil kind is going to cut it this time.)
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To: Gorzaloon
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

agree completely. Sick, sixty years old, unemployed and my life savings stolen by the government. Yeah, I'll just sit here doing nothing and take it, riiiggghtt... Like there is much more to lose to these marxists?
15 posted on 06/11/2010 12:04:10 PM PDT by rigelkentaurus
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To: gartrell bibberts

Pssst! Pssst! Jane Fonda and Ted Turner have a lot of moola and they love communism.


16 posted on 06/11/2010 12:04:21 PM PDT by Waco
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To: gartrell bibberts

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.


17 posted on 06/11/2010 12:04:21 PM PDT by PubliusMM (RKBA; a matter of fact, not opinion. 01-20-2013: Change we can look forward to.)
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To: penelopesire

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.


18 posted on 06/11/2010 12:04:24 PM PDT by MrB (The difference between a (de)humanist and a Satanist is that the latter knows who he's working for.)
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To: gartrell bibberts

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!!!


19 posted on 06/11/2010 12:04:59 PM PDT by NEMDF
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To: Nervous Tick

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.


20 posted on 06/11/2010 12:05:29 PM PDT by taxcontrol
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To: gartrell bibberts

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!!


21 posted on 06/11/2010 12:06:32 PM PDT by Laserman
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To: PubliusMM

And he wants to control the internet. It isn’t going to get any better.


22 posted on 06/11/2010 12:08:24 PM PDT by ilovesarah2012
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To: gartrell bibberts

Sooner or later, they’re going try and grab something and draw back a bloody stump. This may be it.


23 posted on 06/11/2010 12:09:01 PM PDT by tacticalogic ("Oh bother!" said Pooh, as he chambered his last round.)
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To: tbpiper
But they wouldn't ever "take" your 401(k)... oh, no. They'll just... "protect" it for you from those mean old market forces. You'll still have the same amount of money, but now it'll be in a nice, safe government-backed annuity earning a whopping 2% per annum and you can begin taking that money out anytime you want. Well, not "any time", really. Once you're 68, that is. Oh, and, you can only take out a maximum of 10% per year. And... did we mention: it's fully taxable at your highest marginal tax rate for the year in which it is distributed, which... might be a teensy bit higher in the future, now that the Bush tax cuts are expiring. Oh: and if you die before the funds are exhausted and you don't have a named beneficiary - the balance reverts to the government. See? That's not so bad, is it?
24 posted on 06/11/2010 12:10:05 PM PDT by andy58-in-nh (America does not need to be organized: it needs to be liberated.)
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To: MrB

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.


25 posted on 06/11/2010 12:11:02 PM PDT by penelopesire ("Did you plug the hole yet daddy?")
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To: gartrell bibberts
All they need is a stock market style Gulf of Mexico incident to accomplish they're dreams of Nationalizing both.
26 posted on 06/11/2010 12:11:42 PM PDT by Las Vegas Ron ("Because without America, there is no free world" - Canada Free Press - MSM, where are you?)
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To: gartrell bibberts

just try it, bastards...

“Do you feel lucky....punk?”


27 posted on 06/11/2010 12:12:58 PM PDT by qrstuv
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To: gartrell bibberts

Every one of these outrageous proposals is a call to action for CONSERVATIVES!


28 posted on 06/11/2010 12:15:26 PM PDT by G Larry (Democrats expedite the Destruction of America)
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To: Gorzaloon

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.


29 posted on 06/11/2010 12:15:58 PM PDT by CaptainPhilFan
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To: gartrell bibberts

There will be violence and riots in the streets if they try to pull this off.


30 posted on 06/11/2010 12:16:20 PM PDT by kaila
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To: Sloth

Unfortunately, I think you’re right. I’ve been feeling this way for over a year now.


31 posted on 06/11/2010 12:34:19 PM PDT by iceskater (I can see November from my house.)
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To: Nervous Tick

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?


32 posted on 06/11/2010 12:38:19 PM PDT by funfan
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To: gartrell bibberts

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.


33 posted on 06/11/2010 12:38:20 PM PDT by OldMissileer (Atlas, Titan, Minuteman, PK. Winners of the Cold War)
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To: Nervous Tick
“If it even looks like the ‘Rats are going to seize 401k accounts, I’ll cash mine in and take the tax hit.”

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.

34 posted on 06/11/2010 12:43:31 PM PDT by dasboot (Down: up. Up: down.)
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To: gartrell bibberts

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!


35 posted on 06/11/2010 12:48:07 PM PDT by Mr. K (This administration IS WEARING OUT MY CAPSLOCK KEY!!!!!)
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To: gartrell bibberts

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.


36 posted on 06/11/2010 12:48:53 PM PDT by Wonder Warthog
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To: gartrell bibberts

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!


37 posted on 06/11/2010 12:54:31 PM PDT by drangundsturm
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To: Wonder Warthog

It was posted previously and the comment period expired long ago- here is the link of comments that have been recived

http://www.dol.gov/ebsa/regs/cmt-1210-AB33.html


38 posted on 06/11/2010 12:56:50 PM PDT by funfan
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To: BitWielder1
Ding ding ding! We have a winner. Correct assumption.

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!

39 posted on 06/11/2010 12:58:58 PM PDT by Sunshine Sister
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To: Wonder Warthog
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.

-----------------

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.

40 posted on 06/11/2010 12:59:43 PM PDT by drangundsturm
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To: gartrell bibberts

Land of the used-to-be free, home of the slaves.


41 posted on 06/11/2010 1:01:54 PM PDT by SaxxonWoods (Gone Galt and loving it)
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To: Waco
Jane Fonda and Ted Turner have a lot of moola and they love communism.

and you can bet your arse they have most of it offshore where it can't be touched by the fedgov

42 posted on 06/11/2010 1:04:58 PM PDT by nascarnation
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To: gartrell bibberts

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.


43 posted on 06/11/2010 1:05:47 PM PDT by exit82 (Democrats are the enemy of freedom. Sarah Palin is our Esther.)
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To: gartrell bibberts

Since they can no longer steal from Social Security, they need a new revenue stream. Noone will ever see of nickel from a GRA.


44 posted on 06/11/2010 1:06:45 PM PDT by microgood
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To: Nervous Tick

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.


45 posted on 06/11/2010 1:06:46 PM PDT by east1234 (Cut, Kill, Dig and Drill!)
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To: andy58-in-nh

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!”


46 posted on 06/11/2010 1:07:30 PM PDT by Buckeye McFrog
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To: Waco

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.


47 posted on 06/11/2010 1:09:47 PM PDT by Little Ray (The Gods of the Copybook Headings with terror and slaughter return!)
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To: gartrell bibberts

Is it time to cash out yet?


48 posted on 06/11/2010 1:12:11 PM PDT by Little Ray (The Gods of the Copybook Headings with terror and slaughter return!)
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To: funfan

“How will we know when this is going to happen—will 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.


49 posted on 06/11/2010 1:29:44 PM PDT by TruthConquers (Delendae sunt publicae scholae)
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To: Nervous Tick

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.


50 posted on 06/11/2010 1:37:37 PM PDT by Fred Hayek (FUBO! I salute you with the soles of my shoes!)
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