SCOTUS Says Government Can Seize 401ks

[longknife]

Totalitarianism just around the corner? When did you ever think your pension funds might be free from government seizure? And I've seen almost nothing about this in the Lame Street Media.


“Between the court ruling and the Obama administration’s push for stronger fiduciary rules,” the developments send a, “strong message that government can much easier seize the pension fund management industry of course to “protect the consumer,” writes Armstrong, warning that the ruling, “sets the stage to JUSTIFY government seizure of private pension funds to protect pensioners,” when the economy gets “messy”


Read more about this @ Prison Planet.com Economist Government Preparing to Seize 401 k Pensions

 

[hortysir]

Huh?

Take the accounts for what purpose by what reasoning?

 

[longknife]

Huh?

Take the accounts for what purpose by what reasoning?

You are so naive that you think the government has to have a reason?

 

[hortysir]

Huh?

Take the accounts for what purpose by what reasoning?

You are so naive that you think the government has to have a reason?

Agreed, but I just wasn't seeing the precedent or reason to justify it.
Guess I better open my laptop and research

 

[paddymurphy]

Totalitarianism just around the corner? When did you ever think your pension funds might be free from government seizure? And I've seen almost nothing about this in the Lame Street Media.


“Between the court ruling and the Obama administration’s push for stronger fiduciary rules,” the developments send a, “strong message that government can much easier seize the pension fund management industry of course to “protect the consumer,” writes Armstrong, warning that the ruling, “sets the stage to JUSTIFY government seizure of private pension funds to protect pensioners,” when the economy gets “messy”


Read more about this @ Prison Planet.com Economist Government Preparing to Seize 401 k Pensions

This case has nothing to do with the government seizing anything. It simply gives a beneficiary of a 401K the right to sue a company for mismanaging it.

 

[sealybobo]

Huh?

Take the accounts for what purpose by what reasoning?

I'm more worried about private business owners "seizing" 401K's.

I tried calling a customer we haven't talked to in a few years and their number was disconnected. I googled them and found this:

U.S. Labor Department sues owner of Delaware-based Stover Industries to recover workers’ 401(k) contributions
Delaware, Ohio – The U.S. Department of Labor has sued Carl Stover and Stover Industries Inc. in Delaware, for allegedly using employee contributions owed to the company’s 401(k) plan to pay the operating expenses of the company, in violation of the Employee Retirement Income Security Act (ERISA).
The lawsuit alleges that Stover, who owns the company, violated ERISA by not timely segregating and remitting employee contributions and loan payments or never remitting employee contributions and loan payments to the plan during several different periods between January 2004 and July 2008. Instead, he allegedly co-mingled the employee contributions and loan payments with the general assets of the company, which were then used for general operating expenses.
The suit seeks a court order to require that Stover restore money owed to the plan with interest, to correct any transactions prohibited by law and to permanently bar him from serving in a fiduciary capacity to any plan governed by ERISA.
“The Labor Department will act to help workers get their benefits when plan assets are misused,” said Paul Baumann, regional director of the department’s Employee Benefits Security Administration (EBSA) Cincinnati Regional Office, which investigated this case.
Employers and workers can reach EBSA’s Cincinnati office at 859.578.4680 or toll-free at 866.444.3272 for help with problems relating to private sector retirement and health plans.
In fiscal year 2009, EBSA achieved monetary results of $1.3 billion related to pension, 401(k), health and other benefits for millions of American workers and their families. Additional information can be found at Employee Benefits Security Administration Main Page.
Solis v. Carl Stover and Stover Industries Inc.
Civil Action Number: 2:10-cv-00218

 

[Weatherman2020]

It's not like the IRS would ever just take people's life savings for political motives without a trial........

 

[Dont Taz Me Bro]

SCOTUS Says Government Can Seize 401ks

Nope. They didn't.

 

[Syriusly]

Totalitarianism just around the corner? When did you ever think your pension funds might be free from government seizure? And I've seen almost nothing about this in the Lame Street Media.


“Between the court ruling and the Obama administration’s push for stronger fiduciary rules,” the developments send a, “strong message that government can much easier seize the pension fund management industry of course to “protect the consumer,” writes Armstrong, warning that the ruling, “sets the stage to JUSTIFY government seizure of private pension funds to protect pensioners,” when the economy gets “messy”


Read more about this @ Prison Planet.com Economist Government Preparing to Seize 401 k Pensions

Prison Planet?

Really?

I wouldn't return to that cess pool if you paid me.

 

[Syriusly]

Huh?

Take the accounts for what purpose by what reasoning?

You are so naive that you think the government has to have a reason?

You are so naive that you consider Prisonplanet to be a legitimate source.

 

[sealybobo]

Supreme Court Rules Employees Can Sue Over 401(k) Misconduct

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By Carrie Johnson
Washington Post Staff Writer
Thursday, February 21, 2008
The Supreme Court handed workers a major victory yesterday by allowing them to sue over mismanagement of their 401(k) retirement accounts, in which more than 50 million employees have invested nearly $3 trillion.

 

[Syriusly]

Supreme Court Rules Employees Can Sue Over 401(k) Misconduct

By Carrie Johnson
Washington Post Staff Writer
Thursday, February 21, 2008
The Supreme Court handed workers a major victory yesterday by allowing them to sue over mismanagement of their 401(k) retirement accounts, in which more than 50 million employees have invested nearly $3 trillion.

But but but but- that isn't what PrisonPlanet told RWNJ's!