[highlander_UW]

The testimony of Teresa Ghilarducci, professor of economic policy analysis at the New School for Social Research in New York, in hearings Oct. 7 drew the most attention and criticism. Testifying for the House Committee on Education and Labor, Ghilarducci proposed that the government eliminate tax breaks for 401(k) and similar retirement accounts, such as IRAs, and confiscate workers’ retirement plan accounts and convert them to universal Guaranteed Retirement Accounts (GRAs) managed by the Social Security Administration.

"Confiscation" is also known as theft. Why isn't it a shock that the democrats want to steal our retirement funds?!

[johnnycap]

If and when all this starts to happen, can anyone blame us for seriously looking into leaving? I certainly do not want everything I’ve saved going to support a**holes who have sat on their a**es for the past 25 years.

[navymom1]

and confiscate workers’ retirement plan accounts and convert them to universal Guaranteed Retirement Accounts (GRAs) managed by the Social Security Administration.

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How can they do this legally? My husband understands how they can manipulate the tax code, but confiscating our retirement account sounds dubious to him as this would be illegal.

[9YearLurker]

Yes, would someone please help me with this? They can’t possibly, I mean I just can’t believe they would possibly take the the accrued 401K balances from Americans altogether, would they? Would the idea be to take those funds and ‘manage’ them for the individual heretofore savers—but still let them be the beneficiaries of those funds? I mean they can’t possibly be thinking of taking 401k’s and just ‘redistributing’ them across all Americans’ accounts, can they?

[Captain Rhino]

I dunno.

Considering what the stockmarket is currently doing to my mutual fund 401K retirement account, Congress better hurry or there won’t be very much left to confiscate.