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Keyword: 401k

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  • Europe starts confiscating private pension funds

    01/03/2011 3:09:10 PM PST · by Nachum · 42 replies
    washington examiner ^ | 1/3/11 | Mark Hemingway
    The U.S. isn't the only place that's facing a major pension fund crisis. The Christian Science Monitor has this alarming report: People’s retirement savings are a convenient source of revenue for governments that don’t want to reduce spending or make privatizations. As most pension schemes in Europe are organised by the state, European ministers of finance have a facilitated access to the savings accumulated there, and it is only logical that they try to get a hold of this money for their own ends. In recent weeks I have noted five such attempts: Three situations concern private personal savings; two...
  • Small Business Owner Needs 401K Advice

    12/29/2010 7:16:46 AM PST · by NYACC1978 · 28 replies · 1+ views
    Self | 12/29/10 | Self
    Hello Freepers, I have been a lurker since the late 1990s. I think 1999 was the first year I started lurking here. I have enjoyed getting news on Free Republic for years and I have always thought the discussions about news articles were quite interesting. I have worked in various industries during my career. I worked as a computer programmer between 2002 and 2005. My second job out of college was called client services financial analyst. In 2007, I went back for my second master degree because I decided that it would be in my best interest to pursue accounting...
  • Four ways 60-year-olds can save their retirement

    12/12/2010 12:02:28 PM PST · by Graybeard58 · 25 replies
    Waterbury Republican-Republican ^ | December 12, 2010 | Robert Powell
    BOSTON — Odds are you're anything but average, but for a moment, let's pretend you are. And, if we pretend you're an average 60-year-old with a 401(k) plan, we may surmise that you don't have enough saved for retirement. According to a recent study by the Employee Benefit Research Institute and the Investment Company Institute, 401(k) participants in their 60s had an average account balance of $144,000 at the end of 2009. Workers in their 60s who have been participating in the same 401(k) plan for more than 30 years have on average $197,472 in their plan. Those numbers don't...
  • Accounting for Public Pensions

    12/10/2010 7:49:28 AM PST · by abb · 9 replies
    The New York Times ^ | December 9, 2010 | Floyd Norris
    A generation ago, when Ronald Reagan was president, the accounting rule makers forced American companies to come clean on the cost of the pension plans they were promising to employees. That decision, perhaps more than any other, heralded the eventual demise of defined-benefit pensions for employees of American companies. Now something similar may be in store for public sector employees, thanks in part to the Republican victories in last month’s Congressional elections. Forcing companies to account in a reasonable manner for their pensions was a contentious issue at one time. Companies feared it would slash reported profits, and they preferred...
  • American Retirement Funds at Serious Risk of Being Seized

    12/09/2010 9:40:45 AM PST · by FromLori · 57 replies · 1+ views
    The Market Oracle ^ | 12/7/2010 | Jeb_Handwerger
    The news of Hungary effectively seizing private pension fund assets to pay for the debt obligations of the state last week should come as yet another reminder of the urgent need to get tax-sheltered retirement savings away from the clutches of the state before it's too late. Hungary is just the latest country to decide that it's citizens retirement savings are the property of the state. The last major country to use similar tactics was Argentina who confiscated about $3.2 billion of pension savings in 2001 before the country stopped servicing its debt and then nationalized the $24 billion industry...
  • Lame Duck Threat to Bailout Union Pensions

    12/02/2010 6:24:33 AM PST · by shibumi · 4 replies
    Publius Forum ^ | December 2, 2010 | Warner Todd Huston
    -By Warner Todd Huston Connie Hair has an informative piece at Human Events about what Democrats are hoping to do in the next few weeks in this lame duck session by pushing another big union bailout. In October, Sen. Tom Harkin (D, Iowa) heard witnesses advancing the “Guaranteed Retirement Account” (GRA) idea authored by left-wing activist and purported “labor economist” Theresa Guilarducci. As an aside, Guilarducci being called an “economist” is an hilarious conceit. She is nothing of the kind but is merely a big labor activist disguising herself as an “economist.” Anyway, the Democrats would love to slip this...
  • What To Do WIth My 401K

    11/08/2010 6:54:06 AM PST · by alarm rider · 21 replies
    10/8/2010 | alarmrider
    Greetings, I was wondering if some of you more informed business types could suggest the best way to handle my 401K? I am due to retire in March, and I have received several opinions on what to do with the account. Is a IRA the best way to go, or is there something better. I need to be able to draw money out should the need arise. I thank you in advance for your input.
  • Mark Hemingway: Unions target your private retirement savings

    11/01/2010 8:40:42 AM PDT · by Nachum · 37 replies · 1+ views
    Washington Examinier ^ | 11/1/10 | Mark Hemingway
    Will the government outlaw your 401(k) plan? It seems like an absurd possibility, yet earlier this month two Democratic senators, Sen. Tom Harkin, D-Iowa, and Sen. Bernie Sanders, I-Vt., held a hearing on Capitol Hill exploring the possibility of doing exactly that. On Oct. 8, the two senators from the Health, Education, Labor and Pensions (HELP) Committee held a hearing on "Retirement (In)security in America." Among the proposals discussed was "Guaranteed Retirement Accounts," or GRAs. The purpose of the GRA proposal is simple: To force Americans to stop putting their retirement savings money into private 401(k) accounts and send their...
  • Does It Make Sense to Decrease Your Retirement Savings to Pay Down Your Mortgage?

    10/27/2010 1:25:57 PM PDT · by Kaslin · 75 replies
    Townhall.com ^ | October 27, 2010 | Carrie Schwab Pomerantz
    Dear Carrie: I'm 60 and will probably retire between age 66 and 70. I currently have $375,000 in IRA/401(k) funds and I'm adding 8 percent of my income annually. My employer matches a portion. I still have a mortgage of over $165,000 at 4.75 percent. I'm wondering... should I stop my 401(k) contributions and apply that money in extra principal on my mortgage? If I do, I'd pay my house off in about 10 years, making life a lot easier when I retire. But I'd lose the tax advantages as well as the employer match. One idea is to contribute...
  • 401(k) plans will have to disclose fees (by 2012)

    10/17/2010 8:43:05 PM PDT · by Libloather · 7 replies
    Washington Post ^ | 10/16/10 | Margaret Collins
    401(k) plans will have to disclose feesBy Margaret Collins Saturday, October 16, 2010; 8:55 PM Employer-sponsored 401(k) retirement plans will have to disclose fees that savers pay on investments and transactions by 2012, the Labor Department said. "Participants will be able to understand the dramatic effect fees play in the returns that they get," Assistant Secretary of Labor Phyllis Borzi said. The regulations, which will apply to the plans by Jan. 1, 2012, will require companies to provide investors information on administrative and investment fees charged to their accounts in their quarterly statements, the department said. Regulators and legislators have...
  • T'S OFFICIAL YOUR IRA's and 401K's ARE ABOUT TO BE CONFISCATED

    10/16/2010 1:40:03 PM PDT · by MODELSHIPS · 36 replies
    Give Us Liberty 1776 ^ | 10-16-2010Give Us Liberty 1776 | MODELSHIPS
    T'S OFFICIAL YOUR IRA's and 401K's ARE ABOUT TO BE CONFISCATED
  • Labor Dept. Releases New 401k Fee Disclosure Rules(72 Million Enrolled in 401(k)'s)

    10/14/2010 10:29:26 AM PDT · by Son House · 4 replies
    KAALTV.com ^ | 10/14/2010 | Associated Press
    Department of Labor says it will require companies providing 401(k) accounts to lay out all the fees and other charges in plain language beginning Jan. 1, 2012. The new regulations, announced by Secretary of Labor Hilda Solis, will affect about 483,000 retirement plans. She said the 72 million workers enrolled in 401(k) plans will now have the detailed information they need to do easy comparisons of the costs of their investment choices in their plan. Companies must begin to lay out the administrative expenses, including accounting and recordkeeping fees, and the charges that apply to the individual choices a worker...
  • New Lame Duck Threat to Bailout Union Pensions (401k threat)

    10/13/2010 1:38:09 PM PDT · by roses of sharon · 47 replies · 3+ views
    Human Events ^ | 10/8/10
    Democrats in the Senate on Thursday held a recess hearing covering a taxpayer bailout of union pensions and a plan to seize private 401(k) plans to more "fairly" distribute taxpayer-funded pensions to everyone. Sen. Harkin (D-Iowa), Chairman of the Health, Education, Labor and Pensions (HELP) Committee heard from hand-picked witnesses advocating the infamous "Guaranteed Retirement Account" (GRA) authored by Theresa Guilarducci. In a nutshell, under the GRA system government would seize private 401(k) accounts, setting up an additional 5% mandatory payroll tax to dole out a "fair" pension to everyone using that confiscated money coupled with the mandated contributions. ***...
  • Are Democrats really stupid enough to threaten 401(k) plans?

    10/13/2010 11:40:24 AM PDT · by anniegetyourgun · 119 replies
    Hillbuzz ^ | 10/13/10
    Honestly, I don’t even know what to say about this. Senator Tom Harkin of Iowa is threatening 401(k) plans — insisting Democrats can use the lame duck, post-defeat session of Congress to ram through a measure that would seize your personal 401(k) plans and use them to prop up the union pension plans that are imploding.
  • RETIREMENT SECURITY

    10/12/2010 12:08:39 PM PDT · by Immerito · 36 replies · 1+ views
    Boortz.com ^ | October 12, 2010 | Neal Boortz
    For 16 years I've been telling you that if the Democrats gained enough power in Washington, they would attempt to seize the money you have in your 401K, IRA and private pension plans. Many of you poo-pooed me, calling me "over-the-top" or unable to back up my claims. Maybe you might be interested in knowing that just last Thursday, a Senate Health, Education, Labor and Pensions Committee held a hearing on retirement savings and security. WebGuy forwarded me lots of emails of people asking me to prove it. So here you go. You can watch the committee meeting right here...
  • New Lame Duck Threat to Bailout Union Pensions

    10/11/2010 5:02:03 PM PDT · by 4buttons · 11 replies · 2+ views
    Human Events ^ | 10/8/10 | Connie Hair
    In a nutshell, under the GRA system government would seize private 401(k) accounts, setting up an additional 5% mandatory payroll tax to dole out a "fair" pension to everyone using that confiscated money coupled with the mandated contributions. This would, of course, be a sister government ponzi scheme working in tandem with Social Security, the primary purpose being to give big government politicians additional taxpayer funds to raid to pay for their out-of-control spending.
  • New Lame Duck Threat to Bailout Union Pensions

    10/11/2010 7:18:48 AM PDT · by Rusty0604 · 11 replies
    Human Events ^ | 10/08/2010 | by Connie Hair
    Democrats in the Senate on Thursday held a recess hearing covering a taxpayer bailout of union pensions and a plan to seize private 401(k) plans to more "fairly" distribute taxpayer-funded pensions to everyone.
  • New Lame Duck Threat to Bailout Union Pensions (stealing 401k's)

    10/10/2010 7:55:51 PM PDT · by Zeddicus · 27 replies
    Human Events ^ | 10/08/2010 | Connie Hair
    Democrats in the Senate on Thursday held a recess hearing covering a taxpayer bailout of union pensions and a plan to seize private 401(k) plans to more "fairly" distribute taxpayer-funded pensions to everyone. Sen. Tom Harkin (D-Iowa), Chairman of the Health, Education, Labor and Pensions (HELP) Committee heard from hand-picked witnesses advocating the infamous "Guaranteed Retirement Account" (GRA) authored by Theresa Guilarducci. In a nutshell, under the GRA system government would seize private 401(k) accounts, setting up an additional 5% mandatory payroll tax to dole out a "fair" pension to everyone using that confiscated money coupled with the mandated contributions....
  • New Lame Duck Threat to Bailout Union Pensions

    10/10/2010 7:49:36 PM PDT · by Lorianne · 92 replies
    Human Events ^ | 08 October 2010 | Connie Hair
    Democrats in the Senate on Thursday held a recess hearing covering a taxpayer bailout of union pensions and a plan to seize private 401(k) plans to more "fairly" distribute taxpayer-funded pensions to everyone. Sen. Tom Harkin (D-Iowa), Chairman of the Health, Education, Labor and Pensions (HELP) Committee heard from hand-picked witnesses advocating the infamous "Guaranteed Retirement Account" (GRA) authored by Theresa Guilarducci. (You can find the blistering interview with Guilarducci by radio talk show host Mark Levin in 2007 at the link). In a nutshell, under the GRA system government would seize private 401(k) accounts, setting up an additional 5%...
  • Democrats want a new mandatory government retirement plan to replace 401k, IRA.

    10/05/2010 11:20:30 AM PDT · by roses of sharon · 72 replies
    JimPethokoukis Twitter ^ | 10/4/10 | JimPethokoukis
    I am Live Tweeting America's Fiscal Choices conference at the Newseum in Washington, DC 2 minutes ago via TweetDeck # Teresa Ghilarducci wants a new "mandatory" government retirement plan to replace 401k, IRA; admits preferred euphamism is "universal" 10 minutes ago via TweetDeck # "Social Security is affordable and extremely efficient." We should have a national "conversation about expanding it." 22 minutes ago via TweetDeck # Teresa Ghilarducci is on panel; she wants to get rid of 401ks and IRAs and create a new government retirement system 24 minutes ago via TweetDeck # @juliemrobison Indeed, they have! 26 minutes ago...