Treasury Taps Federal Retirement Coffers Again
Thrift Savings Plan used for debt ceiling relief
It won't take much for them to take from your IRA next.
I am totally serious.
That is where it always starts, temporary.
This will happen here if things become dicey enough.
This will certainly put Putin in a new light.
We can thank Russia, Poland, and Cyprus for the warnings.
Yeh...temporarily...like our ss.
Treasury Taps Federal Retirement Coffers Again
Thrift Savings Plan used for debt ceiling relief
It won't take much for them to take from your IRA next.
I am totally serious.
This article (or actually a blog post) has a misleading title which is not supported by a following text and a text itself is misleading too.
Russia is hardly able to ‘confiscate’ any pensions because the vast majority of it held by budget itself or a state-owned banks. To make things clear, there is Federal Pension Fund managing all the pensions.
Russian pension system is too much complicated but in short since 2008 or something it is made out of two parts: “strakhovaya” =”insurance”, and “nakopitelnaya”=”saving”.
So-called “insurance” part is used FPF to pay pensions to a people who are already a pensioners and it was from commie times up to these days.
“Saving” part is a novel and it is about to offer you a kind of extras to a guaranteed minimum made out of “insurance” paid by a future generation.
It works as a kind of a bank account held by FPF, but you can opt and order FPF to transfer it into a private pension trust of your choice. A few people does because in order to encourage people keeping their money in FPF it adds up to a $500 monthly to double your said monthly investment if it is equal or lower than this sum.
Payments to FPF are mandatory there, a kind of taxes and for employees are set at a level of 16-22% for “insurance” and 6% for “saving” withheld by employer from your salary and sent to FPF.
I went through a bill this post speculating about and it has nothing to do with confiscating any savings but about to cut 6% “saving” payment for a year 2014 to 2% for people who hasn’t opted for an alternative fund to stay with a FPF and to direct the rest 4% of their payments into an “insurance” part.
I don’t know is it good or bad but it is not a confiscation and it actually encourages people to get divorced with the government system to some degree.
We'll take your money, it's in your best interest because you're to stupid.
Um, it's their money and if they want to be stupid with it, then so be it.