Posted on 03/23/2010 4:05:47 PM PDT by 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.”
(Excerpt) Read more at moneynews.com ...
There it all is, in black and white.
Why don’t we just become a French colony?
Are you sure? I was told just recently I could not do that unless I separated from the company. I have done a little research online and I can’t find anything about a change made last year to that effect.
They can't. They only have until November. Then the party's over.
They (or their puppetmasters) stole half or more of most of our 401s just recently without doing a thing. Some recovered, some not.
They can get us coming or going.
“They can’t. They only have until November. Then the party’s over.”
From your lips.
This was a discussion being had before the elections in ‘08. I cashed in 11/5
I’ve been out of the 401k market for a few years now, I used to sell plans and meet with employees.
As I understand it, the rules for 401Ks have changed; you can withdraw money without separating from the employer. HOWEVER the Plan Document, which controls how that specific plan is administered, may not allow for those withdrawals.
The Plan Document could be amended to allow such withdrawals. If you’re at a small company, you may be able to influence such a change. If you’re at a mid to large company, well, good luck.
“Let us disappoint the Men who are raising themselves upon the ruin of this Country.” ~ John Adams
I don’t know if there IS an age limit, but under my company’s system I think I can borrow from it as long as I am employed and therefore able to repay the loan through paycheck deductions.
Some recent report/study being reported on radio today is saying the CA will NOT benefit much, if at all from so-called “green jobs!” “Solar installers and windmill workers will hardly make the slightest dent in CA’s un/underemployment stats.”
Not to my knowledge.
Taking your money out would do no good. Remember that the dems have the power of RETRO TAX INCREASES now. Remember that the Klintoons raised taxes RETROACTIVELY to BEFORE he was in office, even on the estates of those who had died.
All they have to do is place the date of the value of the 401(k) to January 1, 2009 and even if you have removed the money, spent it or died and it’s been disbursed to your wife and children, you will owe it to the GOVERNMENT.......................
I'll catch a couple and get in touch with my inner MONGOL................
If the law was changed just last year, I think it even more likely that it was done so that all this talk would get a lot of people to give up some money in penalties, effectively getting people to voluntarily pay a tax so they could stave off a forcible one for a bit.
Almost all actions of “the market” boil down to an impulse based on either fear or greed (to use the basest terms), making it easily manipulable. Only floating the idea of public comment on taking 401ks is enough to get a lot of people to freely surrender money they would otherwise keep. If enough do so, there will be no need to actually take the money for a little longer.
We won’t panic, but we will make you regret actually taking it, may be a better approach.
Replying to mark for further thought.
I thought about that, too, The law didn't change much. I may even be wrong. I seem to remember that you couldn't take it out unless you were rolling it over but now you can take without rolling it over with penalties.
My thinking is that by the time I am able to retire the tax rates will be equal to the tax rate plus penalty now.
Thanks, I’m retired and my wife is 70 and still working so that is a probable with her K.
One of our sons is 40 something and has quite a bit in his K and is very concerned about the rats taking over the K’s to fund 0b0z0 care, amnesty for 30 million illegals and Green Ecoterrorist scams. I will let him know about this.
He borrowed from his K to help buy his home and paid it back.
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