Posted on 02/01/2010 1:24:06 PM PST by Cheap_Hessian
Yes, slowly but surely it is happening. In a federal notice filed earlier, the DOL and Treasury are soliciting a response on what has been on many investors' mind, namely the process of converting 401(k)s into annuity-like products. To wit:
The Department of Labor and the Department of the Treasury (the "Agencies") are currently reviewing the rules under the Employee Retirement Income Security Act (ERISA) and the plan qualification rules under the Internal Revenue Code (Code) to determine whether, and, if so, how, the Agencies could or should enhance, by regulation or otherwise, the retirement security of participants in employer-sponsored retirement plans and in individual retirement arrangements (IRAs) by facilitating access to, and use of, lifetime income or other arrangements designed to provide a lifetime stream of income after retirement. The purpose of this request for information is to solicit views, suggestions and comments from plan participants, employers and other plan sponsors, plan service providers, and members of the financial community, as well as the general public, on this important issue.
(Excerpt) Read more at zerohedge.com ...
JUST SAY NO
BIG NO!
There’s no way the govt will not steal that huge pile of money from the savers in this country. The sad fact is, a lot of the people with 401K’s and IRA’s will be duped by the govt propaganda and will willingly turn over their life savings to be stolen by politicians.
How about “Over my dead body”
if I get a form of some sort, I’ll simply type in I can’t because I need my money for guns
Bump
It’s the only way they will be able to pay their yearly taxes.
There is $12 trillion dollars out there and the government is nearly bankrupt. They need to get their hands on that money. Therefore, kiss your 401k goodby, losers.
And they said privatizing SS was bad! It just wasn’t enough!
The only positive in this proposal would be that nobody would run out of money (apparently). They would divide the money over the number of years (to your supposed age of death) and then give you a monthly income. I think for some this could be a good thing. However those responsible with their money this is not a good thing.
NO !!!!!!!!!
If they touch my 401K, then they’d best be ordering a lot of body bags for the aftermath.
Thank God I’m a federal employee with a federal pension.
I also think the Gov. is going to do this. That’s a big pile of money and they want it. It’s nothing short of confiscation.
So what do we do now? Start withdrawing the money a little at a time, take the check to your bank and cash it in, and stash the money somewhere in your house?
yes
This “annuity” will be another social security scam. Savers have about $10 trillion and they would love to get their hands on it.
The real plan is to take your money in exchange for for a small bit of income that will NOT be a part of your estate when you die. Phase two of the plan it to ration healthcare for the elderly so that you die sooner.
You have to remember, this will be wrapped in the flag and you will be seen as unpatriotic if you do not go along with this.
“Thank God I’m a federal employee with a federal pension.”
How about you get a real job?
Withdraw it before they get it and take the hit otherwise you may end up with nothing. Just think what that will do to the economy
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