Posted on 03/01/2012 5:41:11 PM PST by Wicket
(Reuters) - Will the baby boomers be the only generation to retire with 401(k) plans? It could happen.
Last week many of the nation's biggest thinkers on retirement got together in a Senate hearing room to discuss the future of pensions and retirement. There were representatives of unions, employers, financial services providers, government agencies and consumer groups. And the only thing they all seemed to agree on was this: The 401(k) plan has been sort of a failure.
Those are strong words, and probably overstate the case. Current and future retirees now have some $4.3 trillion for retirement that wouldn't be there if it weren't for their 401(k) and other defined contribution accounts, so it's hard to declare them a complete failure. . . .
One type of policy proposal would divert 401(k) funding (either prospectively, or, in some cases, using existing assets) to buy into more pension-like plans. Hank Kim of the National Conference on Public Employee Retirement Systems is proposing that states, already used to running efficient pension plans, could run private pensions for small employers.
Plans advanced by a broad spectrum of experts, including Teresa Ghilarducci of the New School for Social Research, C. Eugene Steuerle of the Urban Institute and Richard Shea of Covington & Burling, would compel employees and employers to put money towards pension-like guaranteed plans. . . .
(Excerpt) Read more at insurancenetworking.com ...
Belevie it is
Whose going to run the pool? I can see a whole lot of John Corzine types ready to lead the way.
I will quit my job tomorrow and pull every last dime out of the 401K. I’ll make my OWN plans. And I’ll leave it to whoever I want to when my time here is done
An email will go out freezing all assets and trading, the next minute the (your) money belongs to the USA.
I think part of their plan is to pull the Federal Reserves support out from under the stock market. One it crashes, most people will beg for help from the Government, who will offer a guaranteed return on your money. It will end up being a popular measure.
I also think it will be a Republican who does this. The in the same sense that Nixon could go to China and Clinton could pass NAFTA and welfare reform. A Republican will confiscate 401k’s. Maybe Romney if he gets elected, if not it will be which ever Republican replaces Obama in 2016.
Plans advanced by a broad spectrum of experts, including Teresa Ghilarducci of the New School for Social Research, C. Eugene Steuerle of the Urban Institute and Richard Shea of Covington & Burling, would “COMPEL” employees and employers to put money towards pension-like guaranteed plans.”
They are going to COMPEL or FORCE you into the plan
Every government hiree has a vested interest in making certain every nongovernmental employee keeps paying into their taxpayer funded retirement ponzi scheme.
All those income taxes on our W2 forms that are split three ways go into one bank account.
And that account is overdrawn, with interest and fees compounding daily...
401Ks were an attempt to give working people the chance to invest money for their own future benefit.
Epic fail.
Because every dollar placed in a 401K plan was a dollar taken out of the federal employee unions retirement mouthes.
We cant have people taking care of ourselves, can we?
Our government wants the 401k money.
You played by their rules. You did what they said. Now you’ll be punished for it.
I’m sure they are definitely going to try to fleece us.
Is anyone going to stop them? No?
Then it’s not even worth discussing.
Between this and ObamaCare, it’s hard to be hopeful about the future if Obama wins a second term.
That's the scary part. Right now the only reason the deficit is as low (gag) as it is, is because the govt is borrowing at historic low interest rates. If those rates rise to normal levels, the deficit goes hyperbolic.
What makes you think Obama is not going to do this afterall Theresa Giladurchi or however you spell her name was called
by a Democrat panel to come up with it in 2008.
Fred Thompson has been making that exact point every time he’s on TV endorsing Newt.
Yeppers.
” Hank Kim...is proposing that states, already used to running efficient pension plans, could run private pensions for small employers.”
Is it crack? Meth?
I mean....it can’t be pot. You just can’t smoke that much. The human brain can’t reach this point on marijuana.
I’m guessing heroin.
I’ve been putting money in my 401(k) for a long time. Will I be able to retire on a yacht? No. Will it be enough that I won’t starve in my retirement? Yes. Hands off, Feds!
Individuals don't know how to spend money correctly.
Only government can do it right.
Marking for later
Everything the left does is consistntly evil. It cannot be chance.
Google ROBS business financing. Its legal.
“There were representatives of unions, employers, financial services providers, government agencies and consumer groups.”
Notice the owners of the money invested in the 401(k) plans were not represented. Only those that covet the 4.3 trillion of investments.
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