Financial QUESTION: Obama and Democrats Trying To SEIZE Retirement Accounts (IRAs, 401Ks) ?

H.R. 2035: Automatic IRA Act of 2013; 113th Congress, 2013–2015. Text as of May 16, 2013 ^ | Aug 0, 2015 | Yosemitest

[Yosemitest]

Financial QUESTION: Obama and Democrats Trying To SEIZE Retirement Accounts (IRAs, 401Ks) ?
Aug 9, 2013

I want to know what other Free Republic Members know about this H.R. 2035: Automatic IRA Act of 2013

I got an e-mail stating:
"Obama & BIG Government Are Planning To Seize Retirement Accounts!"

President Obama’s FY2014 Budget Plan brings us one Large step closer to De-Privatizing IRA’s & 401k’s.

Much like Obamacare, Obama’s “Automatic IRA” will force employers with 10 employees or more, to “automatically” enroll their workers in the new Government run accounts. Obama’s Automatic IRA will be managed by the Social Security Administration(SSA).

Okay, I though; it's just another scare tactic to to divert attention from them trying to get Immigration Amnesty through.
But then I started digging to convince myself that ot was NOT true.H.R. 4049 (112^th): Automatic IRA Act of 2012 was re-introduced as H.R. 2035 on May 16, 2013. See H.R. 2035 for current action on this subject.

I found the text of H.R. 2035 here http://www.govtrack.us/congress/bills/113/hr2035/text

The current Bill is sponsored by Rep. Richard Neal [D-MA1].

I found it currently has one co-sponser and that is Ellison, Keith [D-MN5].
But I can assume that the old bill co-sponsors will support the current bill.
Blumenauer, Earl [D-OR3]
Honda, Michael “Mike” [D-CA15] (joined Feb 28, 2012)
McGovern, James “Jim” [D-MA3] (joined Feb 28, 2012)
Stark, Fortney “Pete” [D-CA13] (joined Feb 28, 2012)
Rangel, Charles [D-NY15] (joined Mar 20, 2012)
Deutch, Theodore [D-FL19] (joined Mar 29, 2012)
Crowley, Joseph [D-NY7] (joined Apr 19, 2012)
Larson, John [D-CT1] (joined Apr 19, 2012)
Lewis, John [D-GA5] (joined Apr 19, 2012)
Pascrell, Bill [D-NJ8] (joined Apr 19, 2012)
Schwartz, Allyson [D-PA13] (joined Apr 19, 2012)
Thompson, Mike [D-CA1] (joined Apr 19, 2012)
Tsongas, Niki [D-MA5] (joined Apr 25, 2012)
Himes, James [D-CT4] (joined May 07, 2012)
Tierney, John [D-MA6] (joined Aug 02, 2012)
Ellison, Keith [D-MN5] hzx already signed on the current bill, (joined Sep 14, 2012)

The current bill is in the House Education and the Workforce House Ways and Means.

I highly recommend we click on those links above and use their links to call them and stop this NOW !

[Yosemitest]

Go get 'em !!!
Has anyone else heard of this or know about this?

Can they really steal our IRAs and 401Ks ?

[Mears]

bfl

[17th Miss Regt]

Who will stop them? The republicans won’t.

[Jonty30]

Is there anything they have shown to be unable to do?

[elpinta]

“Can they really steal our IRAs and 401Ks ?”

Of course they can, and they will; not the first country to suffer from this ‘progressive’ idea.

[NTHockey]

Only if they don’t value family, property and themselves.

And to the NSA trolls, FU.

[Jonty30]

You should put that NSA comment in your sig.

It’s good.

[cherry]

since 401K's are the ONLY retirement accounts that normal, private industry workers have, then its ONLY them who will suffer....

the govt class has their already fat obscene defined pensions....

we lose again...

[warchild9]

They can steal them because they have the firepower.

That’s what the Civil War was really about: do the lawyers in Washington have the right to kill anyone who doesn’t obey them.

[muir_redwoods]

they can always increase the tax on them to 95%

[doc1019]

The mile high stack of blank Executive Order chits on his desk guarantees he can do most anything he wants.

[ClearCase_guy]

There was a story here just the other day from Pennsylvania. Seems some old guy had a crappy yard filled with junk and his town didn't like it, and tried to take some of his property away from him.

He went downtown and started shooting at the town hall.

That was over a crappy yard filled with junk. If the government starts grabbing IRAs and 401Ks -- and don't get me wrong, I pretty expect them to try it -- but when they do, there really will be blood in the streets. That's Lexington Green all over. Some lines cannot be crossed without repercussions.

[phockthis]

Teresa Ghilarducci Wants to Confiscate Your IRA, 401k & Pension

http://www.youtube.com/watch?feature=player_embedded&v=s9UD5UEJGEA

[St_Thomas_Aquinas]

Who will stop them? The republicans won’t.

That's the $64,000 question. I don't know what Zippy's waiting for. Maybe he's afraid of the one or two conservatives left in Congress --and the well-armed Tea Party.

[Yosemitest]

There’s a lot of people who’ve already stored a lot of ammo to fight this war.

[Excellence]

‘(1) IN GENERAL- The term ‘automatic IRA arrangement’ means an arrangement of an employer (determined without regard to whether the employer is required to maintain the arrangement)--

‘(A) which covers each qualifying employee of the covered employer for the calendar year,

‘(B) under which a qualifying employee--

‘(i) may elect--

‘(I) to contribute to an individual retirement plan, or to purchase a qualified retirement bond on behalf of the employee, by having the employer deposit payroll deduction amounts or make other periodic direct deposits (including electronic payments) to the plan or to be invested in retirement bonds (whether to the Secretary of the Treasury or to a designated trustee or other agent for that purpose), or

‘(II) to have such payments paid to the employee directly in cash,

‘(ii) is treated as having made the election under clause (i)(I) in the amount specified in paragraph (4) until the individual specifically elects not to have such contributions or purchases made (or specifically elects to have such contributions or purchases made at a different percentage or in a different amount), and

[automatic opt-in until employee opts out. -ed]

‘(iii) may elect to modify the manner in which such amounts are invested for such year,

‘(C) which meets the administrative requirements of paragraph (2), including the notice requirement of paragraph (2)(C), and

‘(D) which does not charge unreasonable additional fees solely on the basis that the balance in an automatic IRA is small.

[elpinta]

“we lose again...”

Over and over again, still.
Not sure when or even IF this will end.

[skinkinthegrass]

hehe..the rats won't know what's in store for 'em in '14.

[Yosemitest]

Thanks for the link.
May she be the first to be buried!

[cherry]

there will be no blood in the streets....you know it and I know it....

we're good little peasants and we'll put up with like we do everything else....