we need to kill all the lawyers first.
Posted on 12/24/2008 11:45:08 AM PST by BGHater
President George W. Bush on Tuesday signed into law a measure intended to help company pension plans and retirees that have been hard hit by the financial crisis.
Despite some concerns about the legislation, Bush decided that in the current financial environment the benefits outweighed the problems, the White House said.
Generally healthy multi-employer pension plans hurt by the stock market decline would not have to make drastic pension plan contribution increases and worker benefit cutbacks that many companies had feared.
A multi-employer pension plan, unlike a traditional single-employer plan, covers workers from more than one company and allows workers to move from job to job and still contribute to the plan.
People 70-1/2 years old or older would not have to take distributions from their retirement plans as required under current law, allowing them to keep savings intact and avoid a bear-market tax hit.
White House spokesman Tony Fratto said the administration had concerns that the legislation would increase the costs of near-term claims on the Pension Benefit Guaranty Corporation and could result in some benefits lost to workers over the long term.
(Excerpt) Read more at reuters.com ...
so will our current socialist or future marxist president do the same for my 401Ks???
Heard about this yesterday ...need more details though....
So we’re a full-blown socialist state now? Why not just keep President Bush on and scrap Obama taking obver?
So we’re a full-blown socialist state now? Why not just keep President Bush on and scrap Obama taking over?
Pension relief bill approved in House
**********************EXCERPT****************************
Friday, 12.12.08
Finally, the bill suspends for 2009 the law under which senior citizens who have reached age 70 ½ must withdraw a minimum amount from their retirement plan or IRA.
Those that don't are subject to a 50 percent excise tax penalty on the amount that should have been withdrawn.
People have lost trillions of dollars from their retirement accounts over the last few months, House Education and Labor Committee Chairman George Miller, D-Calif., said.
The bill should ``provide important relief to seniors who may face a steep tax if they do not make a withdrawal from their depleted retirement accounts.''
I wanted it for 2008 also....
we need to kill all the lawyers first.
LOL! A well-deserved fate.
And we need everyday citizens in government.
There isn't any other way to say it. These people are insane.
The problem for 2008 is most have already taken that money. So they pay the tax this year. But maybe this is a blessing in disguise in that if they took the money prior to Sept. 15 they are about 20% ahead on that money.
This article seems to just talk about multi-employer plans. These are usually union plans, which are used by union employees across multiple companies. So is this just another union bailout?
Bush and that idiot Schnitt are true to their principles until they hit a rough spot then they dump the principles. What a pair of sunshine conservatives.
we can start over again with the same Constitution - and actually implement it as written this time
It is not the Constitution’s fault that the Lib/socialists for many years planted enough Lib judges to throw the election through ACORN, Franken and non-citizen nobama.
**we need to kill all the lawyers first.**
I know a good dozen or so that would be a GREAT PLACE TO START!
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