Say goodbye to your 401k

[chloe]

The Pension Benefit Guaranty Corp. (PBGC), an agency created by the federal government to pay pensions to employees of companies whose plans have terminated, explains that there are several ways to freeze a plan -- by closing it to new entrants, freezing benefits for only some of the employees, or in the case of a "hard freeze," halting accrual of pension benefits based on either job tenure or salary increases.

But any way you look at it, freezes, plus actual pension plan terminations that occur when companies merge or go out of business, pose a threat to the expectation that millions of future retirees will be able to count on receiving some or all of the guaranteed pension that they expected.

MORE WIDESPREAD. When companies freeze their traditional pension plan, they may offer the affected employees a 401(k), sometimes increasing the company's matching contribution if one was already available. But when a company simply does not have the money to pay the promised benefits, or shuts down a plan, the PBGC may end up paying the retirees a pension that is adjusted annually, but possibly less than was counted on. In 2006, the top amounts guaranteed by the PBGC are $47,659.08 for a 65-year-old, 37,650.72 for a 62-year-old, and $21,446.64 for a 55-year-old

Is Your Pension Plan Retiring Before You?

 

[xsited1]

This WILL happen if Obama is elected and the Democrats have a super-majority in Congress. This will be the start of the 2nd Civil War.

 

[CrimsonWhite]

it certainly IS WORTH considering....doesn't mean it will be instituted, but CONSIDERED.

we, those in pensions or 401k's that are in the market, lost $2 TRILLION DOLLARS of retirement funds in just the last month while being invested in the market....

Changing company benefits from a defined pension plan to a 401k plan where we HAVE TO INVEST in a volatile market, pay fees to the investor accts etc...was the BIGGEST GIFT TO WALL STREET, that ever existed in our history, even bigger than the $700 billion dollar bailout.

I am not saying it SHOULD CHANGE, just that we should hear out, other points of view and proposals from all, on any kind of reforms that could make our retirements more secure.

care

Hell, the government has done such a great job instituting Social Security they should be given every oppurtunity to handle your money. This shouldn't even be considered. Your money will be leveraged the first time we have some new social program that it riduculously expensive or a war that needs to funded. This plan that House Democrats are floating is nothing more than further fleecing of America.

 

[Care4all]

Hell, the government has done such a great job instituting Social Security they should be given every oppurtunity to handle your money. This shouldn't even be considered. Your money will be leveraged the first time we have some new social program that it riduculously expensive or a war that needs to funded. This plan that House Democrats are floating is nothing more than further fleecing of America.

Crimson, they are NOT floating it around....a woman along with many other people with many other proposals, testified before a congressional meeting.

THIS IS ALL THAT HAPPENED....there is no need to panic, no need to spread rumors that dems WILL DO THIS, because the article SAYS no such thing.

And yes, it should be considered, along with the other proposals...

I understand your concern with the gvt getting their hands on this money as they have done with our SS surplus...and would never consider this woman's program if there were not legislation forbidding the spending of this money, a true lock box....your worries on that are well founded...and as i have stated before, i am not for this program, but i am for considering it...vetting it...

Care

 

[dilloduck]

Crimson, they are NOT floating it around....a woman along with many other people with many other proposals, testified before a congressional meeting.

THIS IS ALL THAT HAPPENED....there is no need to panic, no need to spread rumors that dems WILL DO THIS, because the article SAYS no such thing.

And yes, it should be considered, along with the other proposals...

I understand your concern with the gvt getting their hands on this money as they have done with our SS surplus...and would never consider this woman's program if there were not legislation forbidding the spending of this money, a true lock box....your worries on that are well founded...and as i have stated before, i am not for this program, but i am for considering it...vetting it...

Care

oh cmon---accusing the other side of being evil is the name of the game in politics. I just can't quite understand why people do it here. Are we on TV ?
Can we actually affect voters from here ?
I gotta go change into some better clothes.

 

[CrimsonWhite]

I don't see where that references Obama or a democrat....

This is one of those instances where you have to read between the lines. The House Democrats are constructing this plan. This is Pelosi's baby. If Obamma becomes President, would he veto this plan? Probably not.

ABC News: Movement to Scrap 401(k)s Gains Traction

House Democrats Contemplate Abolishing 401(k) Tax Breaks | workforce.com

 

[Care4all]

oh cmon---accusing the other side of being evil is the name of the game in politics. I just can't quite understand why people do it here. Are we on TV ?
Can we actually affect voters from here ?
I gotta go change into some better clothes.

who is calling whom evil on this thread?

though it is getting pretty nasty, the closer we get to the election, me included....

I don't know why i bother coming here, it only sickens me inside and is frustrating as heck... none of us can make a difference, and that doesn't sit well at all with me...it makes change for the better hopeless...

Care

 

[CrimsonWhite]

Crimson, they are NOT floating it around....a woman along with many other people with many other proposals, testified before a congressional meeting.

THIS IS ALL THAT HAPPENED....there is no need to panic, no need to spread rumors that dems WILL DO THIS, because the article SAYS no such thing.

And yes, it should be considered, along with the other proposals...

I understand your concern with the gvt getting their hands on this money as they have done with our SS surplus...and would never consider this woman's program if there were not legislation forbidding the spending of this money, a true lock box....your worries on that are well founded...and as i have stated before, i am not for this program, but i am for considering it...vetting it...

Care

I agree with everything except them not floating it around. Barney Franks talked about this the other day on CNN. I wish I could find the video. When I do, I'll post it. Where there is smoke there is fire. With the super majority that Democrats are likely to get next week, It wont' matter if Obama supports this plan or not.

 

[Silence]

i never said it did. you asked for info-there it is.

I didn't say YOU said it...the thread starter said it's a "leftie" idea

 

[dilloduck]

who is calling whom evil on this thread?

though it is getting pretty nasty, the closer we get to the election, me included....

I don't know why i bother coming here, it only sickens me inside and is frustrating as heck... none of us can make a difference, and that doesn't sit well at all with me...it makes change for the better hopeless...

Care

At least your hopes won't be up too high when we end up with the same crap we had before.

 

[CrimsonWhite]

I didn't say YOU said it...the thread starter said it's a "leftie" idea

It is a "leftie" idea.

 

[Silence]

This is one of those instances where you have to read between the lines. The House Democrats are constructing this plan. This is Pelosi's baby. If Obamma becomes President, would he veto this plan? Probably not.

ohhh I see... I'm supposed to assume something that's not in evidence?

you're an attorney Crimson aren't you?...are you good at "reading between the lines"? is that how you practice law?

 

[sealybobo]

Too late. The GOP already cost us our 401k's.

 

[CrimsonWhite]

ohhh I see... I'm supposed to assume something that's not in evidence?

you're an attorney Crimson aren't you?...are you good at "reading between the lines"? is that how you practice law?

I'm not practicing law here, I am following politics. Public opinion is not a courtroom.

And yes, I am good am reading between the lines. One of the qualities that makes me a good lawyer. Cases are never about finger prints and DNA.

 

[del]

I didn't say YOU said it...the thread starter said it's a "leftie" idea

well, i would agree it's a leftie idea, and a bad one, but i'm going to hold off blaming people until something actually happens.

one of the reasons for having a 401(k) is as a hedge against what i consider to be the inevitable collapse of social security. why would giving my $$ to SSA have any appeal to me?

 

[Ravi]

well, i would agree it's a leftie idea, and a bad one, but i'm going to hold off blaming people until something actually happens.

one of the reasons for having a 401(k) is as a hedge against what i consider to be the inevitable collapse of social security. why would giving my $$ to SSA have any appeal to me?

And SS is a hedge against the inevitable collapse of the stock market.

 

[Silence]

I'm not practicing law here, I am following politics. Public opinion is not a courtroom.

And yes, I am good am reading between the lines. One of the qualities that makes me a good lawyer. Cases are never about finger prints and DNA.

you sound like a defense attorney!

I like the facts myself....

 

[del]

And SS is a hedge against the inevitable collapse of the stock market.

SS will be vapor by the time i get to collect it, IMO.
and i'm prolly older than you

 

[irie]

Theres a helluva big difference between 3% over inflation and 3% adjusted for inflation....geeez

 

[Ravi]

SS will be vapor by the time i get to collect it, IMO.
and i'm prolly older than you

True, but so might the stock market...