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.”

[Commander X]

WTF? This administration is getting scarier and scarier. Revolution now or it’s too late.

[SE Mom]

OMG

[jessduntno]

“WTF? This administration is getting scarier and scarier. Revolution now or it’s too late.”

It’s a pisser...they are not letting up.

[skeeter]

The government and its unions are desperate for money, and private accounts have hundreds of billions in real assets, just sitting there like a big fat Christmas goose.

They think your security is their business now. You KNOW they're thinking about appropriating all that money.

[The Working Man]

“If you wait, it will be too late.”

---

I agree, and I did cash out mine too. Unfortunately, my wife believes that scenario will never happen. So she will continue to contribute to her 401k.

[Lurker]

These bastards can smell a three high stack of nickels at 3 miles and they're convinced every one of them is theirs.

If they even try this people will die.

[Zathras]

You know, when ever I think about re-evaluating my investment plans, somehow talking to Janitor making minimum wage isn’t my first pick to help me.

For those who don’t know, SEIU’s majority members are Janitors.

[444Flyer]

Seriously, it’s frightening how accurate you’ve been. Your boss needs to pay you more. (Driver carries no cash, treasure’s in Heaven.:))

[Tijeras_Slim]

And I'll introduce to some other little friends while you try.

[Lazamataz]

This is communism, plain and simple.

[Right Cal Gal]

Of course this was coming. They need the 401K money to pay the social security payments of the Baby Boomers that are retiring - that is, until they can use denial of Medicare benefits to kill them all, that is.

SEIU members don’t get the generous 401K benefits that office workers, et al. get. Therefore, it’s time to spread the wealth.

I will cash it out, and roll the entire thing over into my IRA. Of course, look for them to come after the IRA’s next.

[abb]

ping

[Ladysmith]

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

[Tijeras_Slim]

There might be one kept alive in my basement for a few days. Did you see Hostel?

I'll catch a couple and get in touch with my inner Commanche.

[NoobRep]

Molon Labe.

This is when the shots start firing.

[Oceander]

Just as was predicted. The next seizure by the fascists. This is precisely what the Kirchners in Argentina did a few years ago - seizing private retirement funds, ostensibly to "protect" them, but in reality to use the money to prop up the budget that was falling apart on account of the socialist idiocies the Kirchners pushed (and continue to push).

So, my friends, go take a look at Argentina, here's an article discussing the seizure of private pension funds: http://blogs.telegraph.co.uk/finance/ambroseevans-pritchard/5504137/Argentina_seizes_pension_funds_to_pay_debts_Whos_next/
and you will get a fairly clear view of where the United States is going.

Clearly, liberalism is a mental disease on a par with psychopathologies of the worst sort.

[concretebob]

BTTT
PING for interesting read

[Dallas59]

So how many non government groups are running the government? When did they get elected to office?......oh ....wait...

[savedbygrace]

It’ll be retroactive.

(rim shot)

[vpintheak]

I know it, and hopefully This will be the shot heard round the world to all the American idiots with their heads in the sand.