Obama Administration making plans to take over the 401(k)s to bail out their union backers

Tea Party ^ | October 12, 2010 | Elizabeth T

[IbJensen]

Unionized labor is looting from us. Plans to take over our 401K- private retirement funds. Communists did the same in Argentina, sized private pension funds.

http://gatewaypundit.firstthings.com/2010/05/obama-administration-m...

http://www.commieblaster.com/index.html

http://www.commieblaster.com/economy/index.html

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.

Connie Hair at Human Events reported:

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.

In conjunction with the report’s release, the Obama administration jointly issued through the Departments of Labor and Treasury a “Request for Information” regarding the “annuitization” of 401(k) plans through “Lifetime Income Options” in the form of a notice to the public of proposed issuance of rules and regulations. (pdf)

Republican Leader John Boehner released this statement today in response to this recent move by democrats:

Keep Bureaucrats’ Hands off Americans’ 401(k)s

House Republican Leader John Boehner (R-OH) and members of the House GOP Savings Solutions Group sent a letter to Labor Secretary Hilda Solis and Treasury Secretary Timothy Geithner warning the Obama Administration that the government should keep its hands off of the retirement savings of Americans, and should reject proposals that would dismantle or nationalize the private 401(k) system in favor of a government-run retirement security regime. Several Administration officials, including the Vice President, have voiced support for efforts to create so-called “Guaranteed Retirement Accounts” or impose new government mandates which would undermine 401(k) retirement savings plans and jeopardize employers’ willingness to continue offering them to their workers. Boehner issued the following statement:

“The American people are asking ‘where are the jobs?’ They aren’t asking for job-killing policies that jeopardize their retirement savings. Unfortunately, Washington Democrats are pursuing policies that make it more difficult to offer 401(k) savings plans to their workers, and some are even advocating replacing them with government-run accounts and ending 401(k)s altogether. That’s unacceptable and not the solution Americans need at a time when they are still rebuilding their retirement, college, and personal savings.

“Republicans are committed to offering better solutions, and the proposal we have offered – the Savings Recovery Act – will help restore Americans’ savings and ensure that Washington does not stand in the way of families’ ability to save more. It’s time for Democrats to stop advocating policies that will destroy Americans’ savings and work with Republicans on better solutions to help rebuild them.”

Several GOP House members signed on to a letter delivered to labor Secretary Hilda L. Solis and Treasury Secretary Timothy Geithner expressing their concerns today.

Unionized labor is looting and extorting the money from taxpayer's.

We must watch now for new bail-outs to unionized labor or dictatorship = communism.

USA, Liberty from unionized labor and unionized, monopolized dictatorship.

Defend our Constitution. Defend Capitalism and terminate unionized labor from government.

See the Truth face of Unions.

Labor is always associated with communism and less education.

Unionized labor is the same like monopoly power, taking maximum profits at other peoples expense , prosperity, liberty and life.

Unions must be terminated from government. They are not legal. They should exist only in private industry to protect only basic rights of workers.

General Motor was destroyed by Union's inability to compete with other competitors.

In addition to it, communist Obama bailed General Motors at taxpayer's expense.

[clee1]

Go for it Zero. You’ll be the cause of an armed revolt.

[null and void]

Obama needs to be arrested, tried for treason and brought to justice. He is a cancer on America that needs to be removed.

In order to charge him with treason, you must first prove he is an American.

Good luck with that.

[DCBryan1]

There will be open season on liberals if this happens......................

Alot of people will go from John Galt to Henry Bowman.

I have my list of local critters to put down (raccoons, opossums, etc ;))...do you? Act locally, Affect globally.

[Alberta's Child]

I agree. There are too many ways to get around a lot of this nonsense. I do expect, though, that there will be some major changes over time in the laws that govern 401(k) plans.

If I really believed this confiscation would take place, I would do well to simply take out a loan from my 401(k) plan in the maximum amount permitted under my plan's rules (typically, a plan manager will permit account holders to borrow up to 50% of their balance, with perhaps a maximum loan amount as well). The purpose of the 50% cap is to ensure that the account has sufficient funds to cover the outstanding loan balance in the event I default on the loan.

If the government seizes my 401(k) plan, I'll just keep the money I borrowed and won't pay it back. The "collateral" on the loan will be worthless at that point anyway.

[11johara28]

“The fact that it is even being talked about is astounding.”

Correct.

I am 60 years old and have not seen this level of arrogance and criminality.

I have often thought that there might be another civil war in this country,not between the states, but between those privately employed and government employed.

This could be the trigger point.

[super7man]

He’s shown willingness to do by bureaucracy what he can’t get in the congress (EPA, FCC).

Exactly.

1. If you like your 401K, you can keep it. But the government will take 50% of any distribution.

2. Or you can roll it into the Obama Retirement Wish Fund and receive 0.2% per year on the balance (after the 20% reduction to be paid to unions).

[null and void]

phockthis ~ take your money out and buy Non-tracable assets...

IbJensen ~ Let’s give the readership here some examples of non-traceable assets. And don’t list baseball cards.

Yes. Please do tell.

[Graybeard58]

This is NOT going to happen. It has been refuted.

There you go again, spoiling everybody's good rants with the truth.

Even rats are not stupid enough to try some crap like this after the beating they just took over Obamacare, which by the way is being shot down as we speak. It will work its way to the S.C. and will go down in flames by a 5 to 4 margin.

[super7man]

He’s one of my favorites.

http://bastiat.org/en/the_law.html

[Graybeard58]

Some liberals will join the hunt. They have 401K plans at risk also.

Exactly! Why its going nowhere.

The rats in congress just got the s*** kicked out of them over Obamacare, they will not try something this radical.

[null and void]

this is about the only thing, short of death camps, that will wake people up

Did the death camps wake up the German people?

We're fundamentally different from them how, exactly?

[dfwgator]

They do that, and it’s Civil War, Part Deux.

[Graybeard58]

The theft of our property should bring on another American Revolution.

Government can already take your property if someone decides a shopping mall would look better than your house sitting there.

[Professional Engineer]

Ping

[Graybeard58]

IMO, they won’t attack 401K’s directly. They’ll do something like curtailing Sosha Security benefits to those who already “have enough money anyway and don’t ‘need’ SS” even though they paid into it all their working lives.

They already tax my S.S. check, I'm just surprised that they don't withhold S.S. taxes from it too.

[sten]

the germans? no

the jews had a bit of a wake up though ...

until they made it to manhattan and south florida

[G Larry]

Yes, the additional 63 seats in the House look like the first battle in that war.
The 2nd battle was Virginia’s win the the Federal courts yesterday, declaring Obamacare unconstitutional.

[Jess79]

OTOH, the feds could disqualify anyone with a 401k from receiving Social Security.

Hsving been born on the tail end of the baby-boom generation, I'v never expected to see a penny of social security. I've planned my retirement savings accordingly. I hope others who are my age or younger are doing the same.

[PGalt]

Thanks for posting the link.

Life, liberty and the pursuit and destruction of the enemy within...socialists/progressives/collectivists/totalitarians. Soap box, cash box, ballot box, cartridge box, pine box. The 2012 ballot box is rapidly approaching.

[FromLori]

Wow I’ve read a few articles like this recently they are taking pension plans all over the world, i.e., they took the Irish pensions to pay off the banks bad debts. The Irish were not even in trouble financially it was all bad bank debt but they took their pensions I have no doubt they would steal from us even more for the banks. You have to wonder as they say where there’s smoke...

American Retirement Funds at Serious Risk of Being Seized

http://www.marketoracle.co.uk/Article24828.html