UNIONS want our retirement accounts because their pensions are bankrupt.
The Obama Administration is making plans to take over the nation’s 401(k)s in order to bail out their union backers and their bankrupted pension plans.
In February, the White House released its “Annual Report on the Middle Class” containing new regulations favored by Big Labor including a bailout of critically underfunded union pension plans through “retirement security” options.
The radical solution most favored by Big Labor is the seizure of private 401(k) plans for government disbursement — which lets them off the hook for their collapsing retirement scheme. And, of course, the Obama administration is eager to accommodate their buddies.
Vice President Joe Biden floated the idea, called “Guaranteed Retirement Accounts” (GRAs), in the February “Middle Class” report.
OafOfOffice:
Readers’ omments from your link:
Be aware folks, they’re looking a IRAs too. From the proposed rules:
“…how, the Agencies could or should enhance, by regulation or otherwise, the retirement security of participants in employer-sponsored retirement plans and in individual retirement arrangements (IRAs)…”
The “Agencies” are the Department of Labor and the Department of the Treasury.
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A 401K is your employers property. These Pension funds are on paper, until the employer funds the plan, and can be pledged as collateral against a business loan. Roll the funds to a Private Contract, between you and an Insurance company. A Fixed or Variable annuity is an asset you own, and is currently out of reach from Government seizure.
a 1035 exchange makes it a tax free move from one tax deferred investment to another tax deferred investment.
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And in case you are shaking your head, saying, “the new Congress will repeal it all,” consider this: they can include a clause in their bills requiring a 2/3 majority to repeal or amend. We won’t have that majority until 2012 at the earliest, and by then, the economy they have been propping up will have collapsed (blamed on the GOP of course, “It was recovering and then the Republicans screwed it up again.”). The newly minted citizens from the amnesty will be voting and we are screwed. Completely.
I believe the leftists are so angry over SB1070 because it shows the only way to stop them: STATES RIGHTS. States must reclaim their sovereignty, because that alone can stop Leviathan. National elections are important, but right now, your state elections (Gov, AG, Sheriff, and Legislature especially) are the do-or-die issue.
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http://gatewaypundit.firstthings.com/2010/05/obama-administration-makes-plans-to-gobble-up-401ks/
Bend Over America: Now The SEIU Wants Your 401k!
Having ruined the pension funds of Americans nationally through corrupt and utterly unsustainable “projections” of future growth labor unions are now targeting your money to make up the difference:
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.
Yes, because labor unions have done such a great job of managing their pension plans, right?
Oh wait, they haven’t. In fact, virtually none of them are actuarially sound, and they know it. So instead of addressing this (which would mean that workers would have to put up much more of their wages to be funneled into these funds) the SEUI is effectively advocating stealing your 401k - to cover for their outrageously rosy “estimates” on portfolio returns (which in fact have been negative over the last ten years.)
I may have been early in my “What’s Broken: All Of It” Ticker about a year ago, but it also looks like I was right.