Skip to comments.Obama Begins Push for New National Retirement System..401K at risk?
Posted on 11/16/2012 7:16:48 AM PST by mikelets456
A recent hearing sponsored by the Treasury and Labor Departments marked the beginning of the Obama Administrations effort to nationalize the nations pension system and to eliminate private retirement accounts including IRAs and 401k plans, NSC is warning.
The hearing, held in the Labor Departments main auditorium, was monitored by NSC staff and featured a line up of left-wing activists including one representative of the AFL-CIO who advocated for more government regulation over private retirement accounts and even the establishment of government-sponsored annuities that would take the place of 401k plans.
"This hearing was set up to explore why Americans are not saving as much for their retirement as they could," explains National Seniors Council National Director Robert Crone, "However, it is clear that this is the first step towards a government takeover. It feels just like the beginning of the debate over health care and we all know how that ended up."
A representative of the liberal Pension Rights Center, Rebecca Davis, testified that the government needs to get involved because 401k plans and IRAs are unfair to poor people. She demanded the Obama administration set up a "government-sponsored program administered by the PBGC (the governments Pension Benefit Guarantee Corporation)." She proclaimed that even "private annuities are problematic."
(Excerpt) Read more at nationalseniorscouncil.org ...
State bailouts. F this!!!!!
I knew without a doubt the takeover of 401K and IRAs would come up again if Obama got reelected.
Go ahead. Touch my 401K.
Wouldn’t it be adorable to hear a San Fran Lib b%^&ch about Obama taking away his hard-earned money and putting it into the Collective Trust?
Go for it, Obama. Can’t wait.
The theft-wing wants to make sure they can steal your money and that they “equalize” things.
God dammit! Go to HELL Barack! Go straight to Hell and enjoy boinking underage boys, you Marxist faggot.
Leave your hands off my 401(k), Roth, and investment accounts! I’ve been putting in for my own retirement for over 10 years, and I’ve got a fat portfolio thanks to shrewd investing. I am NOT paying for some lazy grubby-ass unemployed drug addict.
This straight up pisses me right off!
Yeah, no one saw this coming. Of course unions, the AARP and the party will receive exemptions.
Seize my retirement accounts and I’m gonna kick-start CWII all by myself if need be...
Would not be surprised at all. Lots and lots of money in those 401k’s. I’m sure many in the Obama administration (including Obama) would just LOVE to roll them over into a “fairer” government-run pension system. One of Obama’s early cronies (forget her name) has written extensively on the advantages (her terms, not mine!) of a government guaranteed pensions over private sector investment.
We are living in interesting times, FRiends. And you know what the Chinese said about that...
Google Theresa Ghilarducci. They want to turn all that money into an annuity...and decide what you get. I will zero mine out. Over my cold hard dead body will they do this.
I know a great deal about this plan.
It involves setting up a mandatory retirement account, and funding it through payroll. The funds are then required to be invested in a special government backed security (investment guarantees). This security is illiquid and will have has less than market returns.
There are loopholes for individuals to avoid this scenario in the bill, but that is the direction this is headed.
Although government takeover of 401k accounts has been talked about it is not pat of the legislation. It would, however, be easy enough to force conversion of 401k accounts and IRA accounts into this system.
vintage hugo chavez, joe stalin
I have downplayed all the hot headed talk of secession and revolution, but by God if they try the Argentinian route of confiscating private retirement savings, I hope and expect to see everyone responsible hanging from a lamppost.
The whole article is speculation and spin. The National Seniors Council is a lobbying group looking for attention.
If you still have a "personal retirement account" (IRA, 401k, 403b, etc) declared to the IRS, it is as good as gone.
The opportunity to pay the tax and get something of value is going fast.
Somehow I don’t think you’ll be alone.