Obama Plans to Takeover 401K to Bail Out Union Pension Funds

[boedicca]

Yet more Spreading Around the Wealth. One of the few remaining assets and tax benefits that the middle class have is now being targeted by Obama to bail out underfunded Union Pension Funds:

The Obama Administration is making plans to take over the nation’s 401(k)s in order to bail out their union backers and their bankrupted pension plans.
Connie Hair at Human Events reported:

In February, the White House released its “Annual Report on the Middle Class” containing new regulations favored by Big Labor including a bailout of critically underfunded union pension plans through “retirement security” options.

The radical solution most favored by Big Labor is the seizure of private 401(k) plans for government disbursement — which lets them off the hook for their collapsing retirement scheme. And, of course, the Obama administration is eager to accommodate their buddies.

Vice President Joe Biden floated the idea, called “Guaranteed Retirement Accounts” (GRAs), in the February “Middle Class” report.

In conjunction with the report’s release, the Obama administration jointly issued through the Departments of Labor and Treasury a “Request for Information” regarding the “annuitization” of 401(k) plans through “Lifetime Income Options” in the form of a notice to the public of proposed issuance of rules and regulations.

Gateway Pundit

 

[Rocky Top Lady]

Is this going to be ok with everyone?

 

[boedicca]

Not me. I'm already convinced that I wont' receive a dime of my annual SS contributions (which I have maxed out each year since finishing grad school) - Mr. Boe and I will be means tested out of the system by the time we retire. I am not willing to have the money we've saved in 401Ks go into a government pool, which will destroy the value those savings.

I've moved most of my 401K funds to a couple of IRAs (one of the benefits of changing companie) - not sure if this will protect them from Big Government, but it's one line of defense.

 

[rdean]

Yet more Spreading Around the Wealth. One of the few remaining assets and tax benefits that the middle class have is now being targeted by Obama to bail out underfunded Union Pension Funds:

The Obama Administration is making plans to take over the nation’s 401(k)s in order to bail out their union backers and their bankrupted pension plans.
Connie Hair at Human Events reported:

In February, the White House released its “Annual Report on the Middle Class” containing new regulations favored by Big Labor including a bailout of critically underfunded union pension plans through “retirement security” options.

The radical solution most favored by Big Labor is the seizure of private 401(k) plans for government disbursement — which lets them off the hook for their collapsing retirement scheme. And, of course, the Obama administration is eager to accommodate their buddies.

Vice President Joe Biden floated the idea, called “Guaranteed Retirement Accounts” (GRAs), in the February “Middle Class” report.

In conjunction with the report’s release, the Obama administration jointly issued through the Departments of Labor and Treasury a “Request for Information” regarding the “annuitization” of 401(k) plans through “Lifetime Income Options” in the form of a notice to the public of proposed issuance of rules and regulations.

Gateway Pundit

For a second, I thought you were making this up. Then I realized, you are not that inventive. More of a "follower" than a "leader". Sorry I misjudged you. Oops.

 

[kyzr]

Not me. I'm already convinced that I wont' receive a dime of my annual SS contributions (which I have maxed out each year since finishing grad school) - Mr. Boe and I will be means tested out of the system by the time we retire. I am not willing to have the money we've saved in 401Ks go into a government pool, which will destroy the value those savings.

I've moved most of my 401K funds to a couple of IRAs (one of the benefits of changing companie) - not sure if this will protect them from Big Government, but it's one line of defense.

If its any consolation, I believe that SS will need to be kept solvent. Otherwise there will be a lot of starving old people. Medicare will probably go bankrupt thanks to Obama's new healthcare Bill, so we'll probably have a lot of sick/dead old people instead.

 

[Lumpy 1]

Yet more Spreading Around the Wealth. One of the few remaining assets and tax benefits that the middle class have is now being targeted by Obama to bail out underfunded Union Pension Funds:

The Obama Administration is making plans to take over the nation’s 401(k)s in order to bail out their union backers and their bankrupted pension plans.
Connie Hair at Human Events reported:

In February, the White House released its “Annual Report on the Middle Class” containing new regulations favored by Big Labor including a bailout of critically underfunded union pension plans through “retirement security” options.

The radical solution most favored by Big Labor is the seizure of private 401(k) plans for government disbursement — which lets them off the hook for their collapsing retirement scheme. And, of course, the Obama administration is eager to accommodate their buddies.

Vice President Joe Biden floated the idea, called “Guaranteed Retirement Accounts” (GRAs), in the February “Middle Class” report.

In conjunction with the report’s release, the Obama administration jointly issued through the Departments of Labor and Treasury a “Request for Information” regarding the “annuitization” of 401(k) plans through “Lifetime Income Options” in the form of a notice to the public of proposed issuance of rules and regulations.

Gateway Pundit

For a second, I thought you were making this up. Then I realized, you are not that inventive. More of a "follower" than a "leader". Sorry I misjudged you. Oops.

Well, one things for sure.. you need a lot more practice on apologies....

 

[boedicca]

Not to worry, Lumpy. I don't take anything he says seriously - he's just a garden variety internet troll.

 

[Rocky Top Lady]

Will we really be able to accomplish that? (Keep SS solvent) I certainly hope so, but with high unemployment and the boomers approaching retirement age, I wonder if it can be done?

 

[Thinman]

It's ridiculous. What they're proposing is social security all over again and another big pot of money to help satisfy their unquentionable desire to spend.

 

[Samson]

Is Connie Hair a real person?

 

[boedicca]

Yes. She's a regular contributor at Human Events.

Connie Hair: Conservative Articles - HUMAN EVENTS

 

[Thinman]

I can't believe they would even float such a concept unless it's a deflection or talking point. I can hear it now: "See, this is what I'm talking about, Republicans don't want you to have a guaranteed retirement."

 

[Rocky Top Lady]

I can't believe they would even float such a concept unless it's a deflection or talking point. I can hear it now: "See, this is what I'm talking about, Republicans don't want you to have a guaranteed retirement."

Neither can I. I certainly plan to discuss my options with my investment banker. Because a minimum 401k contribution is "mandatory" for both myself and my husband, I am very concerned. Nothing really surprises me anymore, but I just can't imagine that this will be acceptable to folks who have invested in 401k plans.

 

[boedicca]

The Big Government types are desperate to find new sources of "revenue". Investment accounts are one of the last untapped bastions of wealth. They tax all of our income (except for things like tax exempt munis, and some pretax benefits) - so those areas are going to be scrutinized for taxing opportunities.

 

[Flopper]

Yet more Spreading Around the Wealth. One of the few remaining assets and tax benefits that the middle class have is now being targeted by Obama to bail out underfunded Union Pension Funds:

The Obama Administration is making plans to take over the nation’s 401(k)s in order to bail out their union backers and their bankrupted pension plans.
Connie Hair at Human Events reported:

In February, the White House released its “Annual Report on the Middle Class” containing new regulations favored by Big Labor including a bailout of critically underfunded union pension plans through “retirement security” options.

The radical solution most favored by Big Labor is the seizure of private 401(k) plans for government disbursement — which lets them off the hook for their collapsing retirement scheme. And, of course, the Obama administration is eager to accommodate their buddies.

Vice President Joe Biden floated the idea, called “Guaranteed Retirement Accounts” (GRAs), in the February “Middle Class” report.

In conjunction with the report’s release, the Obama administration jointly issued through the Departments of Labor and Treasury a “Request for Information” regarding the “annuitization” of 401(k) plans through “Lifetime Income Options” in the form of a notice to the public of proposed issuance of rules and regulations.

Gateway Pundit

Read the description of the GRA. If you want to spin the Wall Street roulette wheel, IRA's and 401K's make sense, but if you are looking for security in retirement, then the GRA makes sense. Personally, I think 401K's and IRA's aren't all they are cracked up to be.
Of course Wall Street would hate the GRA and it would be DOA.

Guaranteed Retirement Accounts: Toward retirement income security | Agenda for Shared Prosperity

 

[Murf76]

I can't believe they would even float such a concept unless it's a deflection or talking point. I can hear it now: "See, this is what I'm talking about, Republicans don't want you to have a guaranteed retirement."

There's no traction for Democrats to be had in this. It's a naked money-grab. They can spin it anyway they want and there's no getting away from the fact that they'd be robbing our retirement accounts right out in plain sight.


Did you read through the comments at Gateway Pundit? Even after Obamacare, I can't say I've yet seen people THAT pissed off.

The stupid bastards aren't going to stop 'til we MAKE them stop. Not a single Democrat should be allowed to survive the November electoral purge. We need to pink-slip them ALL.

 

[kyzr]

Will we really be able to accomplish that? (Keep SS solvent) I certainly hope so, but with high unemployment and the boomers approaching retirement age, I wonder if it can be done?

Right now SS is okay thru 2032. Here are a few links on how to "save" it and Medicare long term:

http://www.epi.org/page/-/old/briefingpapers/ss.pdf

http://www.actuary.org/pdf/socialsecurity/socsec_m.pdf

 

[Thinman]

Any money in your 401k is yours'. The government cannot touch it. The plan they are thinking of proposing is to discontinueing the 401k plan, (where individuals can save tax free until the money is withdrawn).

 

[boedicca]

Read the description of the GRA. If you want to spin the Wall Street roulette wheel, IRA's and 401K's make sense, but if you are looking for security in retirement, then the GRA makes sense. Personally, I think 401K's and IRA's aren't all they are cracked up to be.
Of course Wall Street would hate the GRA and it would be DOA.

Guaranteed Retirement Accounts: Toward retirement income security | Agenda for Shared Prosperity

GRA is just another SS ponzi scheme - with even more of our money.

The amount a person can contribute to a 401K is more than double what their annual SS contribution is. Do you really think the government is going to invest that in an account for your benefit? No. It will be used to fund current spending, and we will then have to rely on future tax receipts.

It's a scam.

 

[Rocky Top Lady]

Read the description of the GRA. If you want to spin the Wall Street roulette wheel, IRA's and 401K's make sense, but if you are looking for security in retirement, then the GRA makes sense. Personally, I think 401K's and IRA's aren't all they are cracked up to be.
Of course Wall Street would hate the GRA and it would be DOA.

Guaranteed Retirement Accounts: Toward retirement income security | Agenda for Shared Prosperity

I believe I'm going to have to pass on this wonderful opportunity.

"Guaranteed Retirement Accounts are like universal 401(k) plans except that the government, as befits a large and enduring institution, will invest and manage the pooled savings."

I've heard the story about the fox and the henhouse.....I'd just as soon the government leave me alone to manage and invest my own savings.

In all honesty, they lost me at "Agenda for Shared Prosperity"......