Now, my dearies, we take over their 401k's and IRA's.
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 ...
I am already suffering under these b*stards’ policies if they take what I spent 25 of my employed years saving I will be one grumpy citizen.
I have a little suspicion that tells me that a huge junk of this money will be “invested” in Treasuries.
bttt
Tank the markets? Well, this probably won’t help:
“The legislation would for the first time apply Medicare taxes to investment income received by these households, beginning in 2013. The 3.8 percent rate would apply to unearned income such as realized capital gains, dividends, interest, rents and royalties.” (Business Week, March 22)
I believe this tax was added so as to postpone the Union payments until MUCH later.
I cashed in about 1/3 of mine last year to pay off the house. I smelled this idea coming along.
This is a second amendment issue as far as I'm concerned.
Seeing destruction of our country is truly heartbreaking.
I recall some speculation a while back that 401/403 plans (and maybe IRAs too) would be required to invest a percentage in saving bonds/treasury debt.
Savedbygrace, they have done the retroactive thing in the past.I think you are right.
I honestly can not envision a scenerio that ends (ok, it will ultimately end well: the country will be saved) well. They are emboldened and they will not stop until they are stopped!
This is really scary sh*t. There has been talk about this for awhile now. I don’t think it’s a rumor any more. They are seriously considering confiscating our money and at retirement paying back 3% (if that).
All for the common good, but then you knew that.
Right after they're filed against that communist POS in the White House.
This is communism, plain and simple.
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Indeed.
Well, Michelle did say Barack would require a sacrifice from all of us.
A better approach might be to take out a loan against the account (you can usually borrow up to 50% of the balance) . . . and then never pay the loan back. This would be even better if the value of those remaining assets decline over time -- since the balance on your loan may end up exceeding the balance in the account and make it impossible for anyone (the IRS or your 401k plan administrator) to recover what you owe.
Well, Michelle did say Barack would require a sacrifice from all of us.
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Oh yeah, we would need to give up some of our pie.
Seeing no vigorous adverse reaction is equally heartbreaking.
I recall this topic presented to reps at least a year ago, maybe longer, by some woman but I can’t recall her name. It was not a union thing at that time. Everyone got all upset and we never heard another word, at least I didn’t, until now.
Does this mean IRAs as well? I would think it might — I rolled my 401K money (what’s left of it after market crash of late ‘08) into an IRA but I want what’s left since that crash! Certainly don’t want SEIU or anyone grabbing my piddling funds.
I say this shortly after Obama was elected.
What confirmed my instinct was the law allowing IRA to be switch to Roth IRA.
RE: “This is really scary sh*t. There has been talk about this for awhile now. I don’t think it’s a rumor any more. They are seriously considering confiscating our money and at retirement paying back 3% (if that).
All for the common good, but then you knew that.”
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That’s it! That’s the story I recall from a year or two ago... who was that woman who introduced this little scheme???
Now, my dearies, we take over their 401k's and IRA's.
Theresa Ghilarducci from some leftist school in the east is the one who proposed the original grab of 401K funds. This was back in late 2008
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