Pushing Aside 401(k)’s for Mandatory Savings Plans

NYT ^ | December 11, 2015 | Mark Miller

[i_robot73]

Ah, nothing more American than MANDATORY savings plans.

Wait, what?!

***

Instead, how ‘bout we follow the simple English of the Constitution and restore the Rights, Liberty and Freedom of We the People:

“...nor shall private property be taken for public use, without just compensation.”

“Neither slavery nor involuntary servitude, except as a punishment for crime whereof the party shall have been duly convicted, shall exist within the United States, or any place subject to their jurisdiction.”

Course, that precludes we are STILL a Republic.

[Getsmart64]

Treasury Secretary Lew has already "borrowed" from it three times.

Have not heard of this. Any credible links?

TSP is already insolvent - the chess game has just not been revealed yet.

Again, links? I have a boat load of cash in my TSP and now you're telling me I don't?

[GOPsterinMA]

I concur.

[i_robot73]

Unfortunately, youz guys hit the nail on the head on WHY it will be allowed to happen: Social Security; let alone O’Care, Medicare and a plethora of other illegal/unconstitutional programs/agencies/departments/etc.

The Pandora’s Box has been opened. Fedzilla, w/out fresh, warm blood to put it back into its bottle, will MAKE sure that $$ goes to where it’ll do ‘good work’...wherever the ruling class believes that is (their own pockets, I’d wager...if I had any $$ to wager /s).

We’ve seen, just this week w/ the C.R., the govt we deserve. We’ve past the 200 yr. average. Ultimately, though, it wasn’t 200 yrs. before Socialism turned our Republic into a Democracy (long live SS/16th)./17th/Wilson/FDR.

[SkyPilot]

What is the national debt? Did you read the news when the Treasury said they were taking “extraordinary efforts” to fund the rest of government, and “borrowed” from TSP? Do you really think, during a financial crisis, that your TSP will rank above food riots and the Taker class? Did you notice that Obama could care less about your kind vis a vis furloughs and non existent pay increases? Even if you are retired, there is no love with Congress or Obama for the government workers. Did you read the news that the military has now been screwed out of their retirement, and are now forced into the TSP racket? Why do you think that is? Do you have a pulse?

[SZonian]

Conditioning the frail minds who believe that the USG is the overlord, benefactor to all.

Makes it easier once the zombies have been convinced that 401k’s are evil, elitist, white privilege, etc...

Goebbels’ legacy lives on...

[Getsmart64]

You should settle down and get control of yourself. No need to panic....yet.

What is the national debt?

From what I've read, no one really knows what our national debt is. I've read $3T to $17T. All the expurts seems to come up with different numbers.

Did you read the news when the Treasury said they were taking "extraordinary efforts" to fund the rest of government, and "borrowed" from TSP?

I read the Treasury tried but Congress said no dice. Why are we reading two different outcomes if your statement is true?

Do you really think, during a financial crisis, that your TSP will rank above food riots and the Taker class?

So I have to assume that all of your money is stashed in a can and buried in the backyard? If the events you describe were to happen, it wouldn't just be my TSP they are stealing but all assets from all citizens. If that were to happen, the "taker class" lives would not be worth spit.

Did you notice that Obama could care less about your kind vis a vis furloughs and non existent pay increases? Even if you are retired, there is no love with Congress or Obama for the government workers.

It's all politics man. Everyone knows that. My current government doesn't give a crap about it's citizens.

Did you read the news that the military has now been screwed out of their retirement, and are now forced into the TSP racket?

As of this very moment, they have not been screwed out of their retirement and they are not forced into the "TSP racket". Here's a link to the proposal and it's supposed to kick in FY 18.

Military Retirement Reform

The government has always screwed vets. I agree we are headed down a dark road and hopefully a new administration will reverse things but just don't exaggerate the current situation.

[Squantos]

59.5 years of age and 30 seconds later it was safe from 401k bandits in my case....

Our polidiots are worse than the inmates of every supermax prison in the USA.

[SkyPilot]

I read the Treasury tried but Congress said no dice. Why are we reading two different outcomes if your statement is true?

Perhaps because you only want to see what you want to see.

http://www.fedsmith.com/2014/02/05/borrowing-from-the-g-fund-again-to-offset-the-debt-ceiling/

http://www.fedsmith.com/2015/03/08/funding-the-federal-government-with-the-g-fund/

http://www.govexec.com/pay-benefits/2013/05/treasury-taps-federal-retirement-coffers-again/63302/

Now remember, they "paid back" the TSP funds they used (to fund Food Stamps, Social Security, Medicaid, Obamacare, etc. "Paid them back." With what, exactly?

Well, with more smoke and mirrors that will collapse like a house of cards.

You know that, and I know that.

Don't kid yourself.

And yes, the military "reform" (great word for screwing people, isn't it?) is being implemented on an ObamaCare graduated scale. It won't be long until the current crop of those risking their necks for this nation have their retirements "vested" in this three card Monty scheme.

[spintreebob]

The reality is that the 401k system is bad for a significant minority of employees. The employee can do nothing about it except not participate...or find a different employer. Doing a thorough check of an employer’s 401k operation is bound to kill a lot of potential job opportunities for those seeking employment.

But it is a minority, maybe 20% or 30%? It is not a majority. So the majority doesn’t see it as a high priority. The financial talk show people Brinker, Rick, etc don’t want to hear the truth that applies to the minority.

[Alberta's Child]

I'm not sure I agree that the 401(k) system is "bad" for anyone. Even if an employee is a participant in a 401(k) with very high fees, the tax-deferred nature of the 401(k) plan -- along with any employer matching that can be done -- might make the employee better off in the long run as a plan participant than not.

I haven't seen a detailed analysis of this, but it's worth noting that the critics of 401(k) plans cited here never really state that employees are losing money. They just claim that employees aren't making as much money as they could under a different scenario.

[spintreebob]

More money taken out ‘85-87 than received at a market peak in 2006 when the IRA of the senior was cashed in (no penalty).