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 ...
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 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.
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.
Lots of things need to be stopped. The trouble is the dumbed down publicly educated people in this country since the 60’s. It got PROGRESSIVELY worse each year until now they have the “voters” they need to do what they want. And that is to destroy this nation.
Must have missed it. Thanks for the link to the comments made. A quick random sampling of individuals yields 100% NO! in a loud voice. I haven’t looked at the comments from “interest groups”, as I’m pretty sure they will be majority favorable. Will peruse in more depth tonight.
They must be made to believe this. They're hard to convince, though.
>> Latest business meeting - NO Fedgov contracts to be bid on. Walking away from some DoD and DoE projects.
Do you have other non-fed work to bid? I hope so. In any case, good on you for standing down from the fed stuff.
Ok, you convinced me.....I need a bigger magazine.
They will take it, spend it, and raise the age you can get it.
and they will get away with it.
So far, no one seems to stop them.
I cashed out my 401K last April. What a relief and I have no regret doing so.
The fact you are asking that question should tell you something....y the way if you decide to cash it out do so at the close of the stock market.
Well maybe the first couple of rounds would be in anger, the rest would be pure maniacal joy....:-]
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