[trad_anglican]

You cannot have a law which says that people adding to their accounts have money which is theirs

The money in your 401k is not technically yours. It's being held for you in trust - except for any after tax money that you may have put in - that is yours.

The plans being discussed grandfather in current balances so you don't lose any money in which you have a nonforfeitable interest. They will transfer that money from a trust sponsored by your employer to a trust sponsored by the government.

I'm not saying I agree with this from a policy position, but technically they would not be taking money that is yours.

[ROLF of the HILL COUNTRY]

“The money in your 401k is not technically yours.”

That's a big Bravo Sierra!

The money that is taken from your paycheck is YOURS along with any interest/capital gains on it!!!!

[Orange1998]

This is the first I have heard of this. I must been living in a cave.

So let me get this straight. The government wants to take my 401 from the employers control to the government control? Another Social Sec scheme where the government does a IOW. Unbelievable.

[Dead Corpse]

It's a contract limited bank account. The companies holding 401(k) assets are private institutions. Think of them as CD's that you can borrow against.

As such, they are in fact private property. Those holding the trust cannot claim ownership.

So yeah, technically, they WOULD be taking money that is MINE.

[prplhze2000]

The government money will be an IOU. There is no lockbox. It will go into the general fund where the Dems will spend it as they see fit.