Unions Want to Take Over Your 401(k)

MoneyNews.com ^ | 3-17-10 | Gene J. Koprowski

[444Flyer]

One of the nation's largest labor unions, the Service Employees International Union (SEIU), is promoting a plan that will centralize all retirement plans for American workers, including private 401(k) plans, under one new "retirement system" for the United States.

In effect, government pensions for everyone, not unlike the European system and regardless of personal choice.

The SEIU, which was integral to the election of Barack Obama as president, is working with the left-leaning Economic Policy Institute (EPI), and the National Committee to Preserve Social Security and Medicare, on SEIU's plan, called "the Retirement USA Initiative."

Claiming that the retirement system in place now has "failed most Americans," EPI vice president Ross Eisenbrey, told a labor union publication that "account balances have fallen by a third since late 2007, leaving many older workers unable to retire just as our economy is shedding millions of jobs.”

[Grampa Dave]

Is Brinker the liberal socialist for the new 401k’s?

[SmartInsight]

The Dems wanted to do this, and now that they have the majority, ignore the rules and have Obama to sign it into law, it may happen. Read the article below:

Dems Target Private Retirement Accounts
Nov 2008

http://www.carolinajournal.com/exclusives/dems-target-private-retirement-accounts.html

[capecodder]

http://market-ticker.denninger.net/archives/1830-401kIRA-Screw-Job-Coming.html

January 8, 2010

“410k/IRA Screw Job Coming”

“Now this is a guaranteed rape job.

In a short conversation this noontime that CNBC apparently has omitted from their archives (Why’s that folks?) Rick Santelli was talking about a potential to effectively force money into the Treasury market.

Where would they get this?

From your 401k and IRA accounts!

From Businessweek:

“The U.S. Treasury and Labor Departments will ask for public comment as soon as next week on ways to promote the conversion of 401(k) savings and Individual Retirement Accounts into annuities or other steady payment streams, according to Assistant Labor Secretary Phyllis C. Borzi and Deputy Assistant Treasury Secretary Mark Iwry, who are spearheading the effort.

Let me tell you what this is - it is an attempt to prevent the collapse of the Treasury market!...”

Someone at FR posted a link to the 90 day public comment announcement which commenced on January 29, 2010.

Here’s another link on the topic:
February 24, 2010

http://www.lewrockwell.com/blog/lewrw/archives/51635.html

[capecodder]

See post 143

[Little Ray]

If this happens, they’ll go after the IRAs at the same time. Look for either a large “one-time” tax on IRA and the removal of “pre-tax” contributions, or else forced participation in the program.

[capecodder]

Here’s the post with the Treasury/Labor request for comments:

To: CapnJack

Here’s a PDF file with the pertinent info:

http://www.zerohedge.com/sites/default/files/2010-02028_PI.pdf

And here’s a helpful tip:

For readers who feel compelled to respond to this increasignly socialistic and ludicrous development, we suggest you voice your anger at the following address:

* e-ORI@dol.gov. Include RIN 1210-AB33 in the subject line of the message

68 posted on Wednesday, February 17, 2010 9:30:48 PM by jsh3180
[ Post Reply | Private Reply | To 65 | View Replies | Report Abuse]

Source: http://www.freerepublic.com/focus/news/2453735/posts

[EVO X]

http://www.treas.gov/offices/tax-policy/library/greenbk10.pdf Scroll down to page 16 for treasury’s IRA proposals for 2011. I haven’t been able to find anything yet on the 90 day request for comments about IRA annuity conversions.

[stephenjohnbanker]

First, tell me what you need to accomplish. You may need a CPA(if you trust him)

[PatriotGirl827]

I have been thinking about this for a while now too. I can’t cash out my 401K because it is with the company where I am still employed. But I have an IRA that I could cash out if I want to pay the tax and penalty.

[capecodder]

It’s here:
http://www.zerohedge.com/sites/default/files/2010-02028_PI.pdf

Bottom of first page 90 day request for information.

Last page(s) signatures and dates of release.

[CPT Clay]

They take our wealth away and we have less to fight them with.

Hungry people will fall for any thing.

[carmody]

“Hungry people will fall for any thing.”

Luckily for us, Americans are (according to the media) all obese so we can go a long time hungry. ha ha.

[CPT Clay]

Treasuries//. LOL

[mojitojoe]

Oh gee, too late. Sucks to be them. Mine is all gone, none for them to get. It’s sitting in another country and they can’t touch it. Bastards. They want a CWII, they are just begging for it.

[mojitojoe]

I doubt it. Health care passed without incident,against the will of the people. It was passed with bribes, threats, rides on planes, releasing water they stole in the first place........ the sky is the limit now.

[mojitojoe]

Oh sure.

[Sir Gawain]

Let’s buy a hotel in Slovakia.

[Windflier]

These Marxists will not be satisfied until they’ve instituted full-blown Communism in this country, and the government owns every single material thing, including our very bodies.

[mojitojoe]

what will be the straw that breaks America’s back
_______________
When you make the poll, make sure one of the options is: no straw large enough, that’s my guess. The passage of death care proved that. There should be a full blown tax revolt, THAT, SHOULD have been the straw that broke the camel’s back. 401K confiscation is chicken feed compared to what they did Sunday night. They own your as* now. Lock stock and barrel, OWNED.

[mojitojoe]

It’s a pisser...they are not letting up.
______________
Why should they? If you were a Marxist and wanted to steal a country, would you let up? I wouldn’t. It’s a breeze for them, just like they thought it would be. Watch this, then you will get it. Yuri Bezmenov lived in the USSR, he lived it once and he knows it when he sees it.

http://www.dailymotion.com/video/x32cxf_yuri-bezmenov