Skip to comments.Obama Begins Push for New National Retirement System..401K at risk?
Posted on 11/16/2012 7:16:48 AM PST by mikelets456
A recent hearing sponsored by the Treasury and Labor Departments marked the beginning of the Obama Administrations effort to nationalize the nations pension system and to eliminate private retirement accounts including IRAs and 401k plans, NSC is warning.
The hearing, held in the Labor Departments main auditorium, was monitored by NSC staff and featured a line up of left-wing activists including one representative of the AFL-CIO who advocated for more government regulation over private retirement accounts and even the establishment of government-sponsored annuities that would take the place of 401k plans.
"This hearing was set up to explore why Americans are not saving as much for their retirement as they could," explains National Seniors Council National Director Robert Crone, "However, it is clear that this is the first step towards a government takeover. It feels just like the beginning of the debate over health care and we all know how that ended up."
A representative of the liberal Pension Rights Center, Rebecca Davis, testified that the government needs to get involved because 401k plans and IRAs are unfair to poor people. She demanded the Obama administration set up a "government-sponsored program administered by the PBGC (the governments Pension Benefit Guarantee Corporation)." She proclaimed that even "private annuities are problematic."
(Excerpt) Read more at nationalseniorscouncil.org ...
State bailouts. F this!!!!!
I knew without a doubt the takeover of 401K and IRAs would come up again if Obama got reelected.
Go ahead. Touch my 401K.
Wouldn’t it be adorable to hear a San Fran Lib b%^&ch about Obama taking away his hard-earned money and putting it into the Collective Trust?
Go for it, Obama. Can’t wait.
The theft-wing wants to make sure they can steal your money and that they “equalize” things.
God dammit! Go to HELL Barack! Go straight to Hell and enjoy boinking underage boys, you Marxist faggot.
Leave your hands off my 401(k), Roth, and investment accounts! I’ve been putting in for my own retirement for over 10 years, and I’ve got a fat portfolio thanks to shrewd investing. I am NOT paying for some lazy grubby-ass unemployed drug addict.
This straight up pisses me right off!
Yeah, no one saw this coming. Of course unions, the AARP and the party will receive exemptions.
Seize my retirement accounts and I’m gonna kick-start CWII all by myself if need be...
Would not be surprised at all. Lots and lots of money in those 401k’s. I’m sure many in the Obama administration (including Obama) would just LOVE to roll them over into a “fairer” government-run pension system. One of Obama’s early cronies (forget her name) has written extensively on the advantages (her terms, not mine!) of a government guaranteed pensions over private sector investment.
We are living in interesting times, FRiends. And you know what the Chinese said about that...
Google Theresa Ghilarducci. They want to turn all that money into an annuity...and decide what you get. I will zero mine out. Over my cold hard dead body will they do this.
I know a great deal about this plan.
It involves setting up a mandatory retirement account, and funding it through payroll. The funds are then required to be invested in a special government backed security (investment guarantees). This security is illiquid and will have has less than market returns.
There are loopholes for individuals to avoid this scenario in the bill, but that is the direction this is headed.
Although government takeover of 401k accounts has been talked about it is not pat of the legislation. It would, however, be easy enough to force conversion of 401k accounts and IRA accounts into this system.
vintage hugo chavez, joe stalin
I have downplayed all the hot headed talk of secession and revolution, but by God if they try the Argentinian route of confiscating private retirement savings, I hope and expect to see everyone responsible hanging from a lamppost.
The whole article is speculation and spin. The National Seniors Council is a lobbying group looking for attention.
If you still have a "personal retirement account" (IRA, 401k, 403b, etc) declared to the IRS, it is as good as gone.
The opportunity to pay the tax and get something of value is going fast.
Somehow I don’t think you’ll be alone.
Credible? I have been hearing “how credible is this or that” for 4 years now. Know what, every story from the “not credible” death panels to “NDAA is a conspiracy and will never happen”...happened.
The question is, what do we do? Pull it out and pay penalties and taxes losing 50% or essentially keeping 50%? Also, is this a way for the administration to scare everyone to pull out and collect a poop load of taxes?
Any advice please?
F-Face Clinton had Andrea Tyson in his administration and she came up with the idea to tax 401k’s as current income and a 15% retroactive tax to make up for it.
I don’t mind skylining myself if I know the rest of you are gonna be up to shenanigans where the Enemy isn’t looking.
Just like death panels? Just like you’ll be able to chose your own insurance? Just like.....
Roman Emperors just looted another country, Zero will loot the savings of hard working Americans.
Can you imagine how much money this is? The left has already proved that they have a lot of support for class warfare...
It’s not time yet, but we’ll know when it is. This is a speculative article. If they really pass something like this...it’s on, guerilla style.
I don't doubt for a second obama and his ilk would love to attempt yo do this, but I've never heard of this group and was just curious about them.
As to what to do, I dunno but I suspect it would start a revolution.
Along the same lines, posted yesterday.
[I wonder how many politicians would stop trying to get reelected or go into political life in the first place if dear leader pronounced:
Due to our current economical situation, we can longer afford to extend all retirement benefits to current and former politicians.
This will only apply to political retirees with net worth of $200,000 or more. Current members will have their pay reduced by fifty percent and, out of fairness, those who are currently retired, their retirement check will be reduced by the same amount.
Health care will still be available for all members, past and present but will depend on their current financial status. If they are above the threshold established by government, there may be additional fees, taxes and charges.
ALL members, past and present, will be required to obtain their health care at designated health care facilities approved by government.
For those who attempt to obtain health care from private doctors or sources, will have all their government benefits canceled and may be subject to legal action.
57 posted on Thursday, November 15, 2012 11:20:31 AM by RetSignman (”A Republic if you can keep it”....) ]
IIRC, I think I read a while back it's around 3 trillion.
That was my first thought. Between a rock and a hard place for us to figure out what to do.
Take it out and pay taxes now???
Take it out, pay taxes, buy gold then they confiscate the gold?
Stay put and they take over the account anyway?
whatcha gonna do , when they come for you?
People will stop contributing all together. They'll invest somewhere else. Why save thousands just so the freeloaders can look forward to an awesomely comfortable retirement on everyone elses dime?
The reason it's not fair is because the freeloading poor never worked a day in their wasted lives to save anything for themselves. Why should that be everyone elses problem? It was their lifestyle choice.
Share the WORK, and the wealth will automatically share itself. Now THAT would be fair (notice how the left never mentions putting these people to work somehow. The idea of them actually working for a living never comes out of their mouths. The freeloaders don't have to be rocket scientists to pick lettuce!)
When Der Fuehrer talks about the ‘evil rich”, he's not just talking about a guy with a mansion, a private jet and a yacht. Anyone with investments, retirement accounts, substantial savings are the “evil rich.” Even your child's piggy bank is fair game. It doesn't matter if you qualify as middle or working class. This president wants it all.
We are now entering this administration's war on wealth. Be prepared and ready to fight.
This is old news. This hearing happened several months ago--I have a copy of the transcript at my office however I am out of town and don't have access at the moment.
Doesn't mean that it won't happen--not only are these people active but Congressman Jim McDermott(D) from Seattle who is a member of Ways and Means has been pushing this issue for over four years.
I have heard that the office of the Deputy Secretary for Tax Policy is interested in the issue but that is loose gossip so far--your title implies the Administration has some current interest in action--I don't know of any; do you? Do you have a cite.
At present, Administration, Ways and Means, and the tax policy office all have a substantial workload in other areas. To the extent they stay occupied, this is likely to be a secondary issue in my judgment--if you see real current news to the contrary, please post it or send me a PM.
And that time will be when the Obama socialists make a play for our guns.
This happened in about 1986 when they forced everyone to pay into SS for a huge influx in money but they never considered or fixed it for when they had to pay out all that extra money.
If they come for our guns, just give them the ammo first...at about 1400 ft/sec.
Take loans out on them & then repay very slowly, or don’t repay
That would pay for a lot free phones, bailouts/pay-offs, leisure time.
And once "secured" massive numbers of Americans would join (by force) the already large percentage of Americans that are bound to the gub'mint for sustenance.
How would they ever vote for anything but the promise of more from the gub'mint?
This is where the revolution will begin. When government seizes your assets and nationalizing industries, we have totalitarianism.
There is whole bunch of money in those accounts that the Obama gubmint wants to spend.
You are not entitled to any of it unless you share it with the Obamaphone creature. It ain’t fair you saved that.
Obama gon do so much more. Yee hah!
retirement from what ? there will eventually be no jobs at all.
All your nest eggs belong to us!
We already pay social security premiums. We're already doing that.
They want us to all pay TWICE? Once for us, and the other for some do nothing freeloading scrounge?
Screw that. People had better start learning how to live on less and what grows around them, otherwise they'll be even more enslaved than they are today.
Move off the grid, folks. Let the freeloaders starve or change. Give them a choice.
(We can survive without big governments money, but big government can't survive without ours.)
401(k)? That’s just a tax loophole for the rich. You didn’t save that!
Don’t kid yourself. The leftists have their eyes on retirement savings accounts. They HATE it when hard-working honest people save up some money that they earned legally. They WANT TO TAKE AS MUCH OF IT AS THEY CAN GET. They will find a way, with a complicated law, to grab it. The law will be deliberately confusing, so a brain-dead public will not be able to understand it.
Make no mistake! They want it!
Under communism, all are equally poor and miserable, except the privileged elite. (In the USA, the privileged elite is the ruling political class)
Honestly, I didn’t think we’d make it through the last four years.
I hope I’m wrong about the next four years as well.
Don’t worry, I won’t be starting the party without good cause.
He is not only going to touch it. He is going to take it if it is where he can.
The failed Plymouth commonwealth experiment comes to mind.
Everyone nearly starved to death.
If you were paying attention, he went after them after he was first sworn in. The Democrats were squabbling over how to do it and working on obamacare when the 2010 election derailed it.
They will suck, but we’ll make it through the next four years too. America has been through some dark times, but it always pulls through. Just don’t give up.