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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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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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