Check your 401(k)'s fine print! Because now Biden wants to raid YOURS to fund net zero and 'diversity'. But why should his woke agenda put your retirement at risk, demands ANDY PUZDER

dailymail.co.uk/ ^ | 12/1/2022 | ANDY PUZDER

[bitt]

Andy Puzder is a former CEO of CKE Restaurants, chairman of 2ndVote Value Investments, Inc., and a visiting fellow at the Heritage Foundation

If you are among the tens of millions of Americans with a 401(k), you'd better pay attention.

The Biden administration is putting your retirement money at risk in pursuit of their woke leftist agenda.

The evening before Thanksgiving to avoid unwanted attention, Biden's Department of Labor released an Orwellian new rule misnamed 'Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights.'

Don't let the mind-numbingly bureaucratic gobbledygook distract you.

The rule interprets a law that requires fund managers make investment decisions for the sole benefit of the Americans who depend on those assets.

That's certainly both a good and reasonable policy. And at one time, it was bipartisan.

Congress passed ERISA (the Employee Retirement Income Security Act) in 1974. The law makes it crystal clear that those managing such assets must do so 'solely' in the interest of and for the 'exclusive purpose' of 'providing benefits to participants and their beneficiaries.'

This patently clear language provides no basis for investing assets to prioritize – say – saving the planet, achieving 'equity,' or in any way advancing wokeism.

Well, enter the Biden Administration and 'environmental, social and governance' – or ESG – investing.

[bitt]

p

[SaveFerris]

[CKE Restaurants]

I was thinking they owned Hardee’s or Burger King at one time.

Now I gotta go look.

[circlecity]

The left has been looking for a way to raid retirement accounts since Obama’s first term. It’s coming. Inflation is the first step.

[EEGator]

ESG = Corporate Fiduciary Negligence

Lawsuits need to be filed.

[Ken H]

Couldn’t you just convert it to a simple IRA?

[SaveFerris]

Hardees!

CKE Restaurants Holdings (an acronym from Carl Karcher Enterprises) is an American fast food corporation and is the parent organization for the Carl’s Jr., Hardee’s, Green Burrito, and Red Burrito brands.[4][5] CKE Restaurants is a subsidiary of the private equity firm, Roark Capital Group, and is headquartered in Franklin, Tennessee.[6]

https://en.wikipedia.org/wiki/CKE_Restaurants

Burger King, at at least at one time was owned by a French company. Maybe they still are.

[Captain Peter Blood]

They would like to take your 401K and in return give you some low coupon rate government bonds, say 2 or 3% return, and then they will default on the bonds and then you have nothing.

[babble-on]

Memory refresher on this lying POS:

“The number of issues plaguing the fast-food executive could fill an opposition research book: His ex-wife accused him of abuse on “Oprah” in 1990, he was tutored by a mob lawyer and recently admitted to failing to pay taxes on the undocumented immigrant he employed.”

[joshua c]

go woke go broke for everyone

[joshua c]

its the fund managers not the type of retirement account you have to be wary of

[Secret Agent Man]

Yes you can.

However they may be eyeing all kinds of retirement accounts, not just 401k’s.

Further if you are working and the 401k is set up as part of work, you may not be able to do everything as clean as jut a simple rollover to an IRA and ending the 401k.

[joshua c]

any mention of esg should be an automatic run dont walk situation

i would even go further and say the fund manager should disavow esg

[proxy_user]

You can select an ESG fund if you like - it’s an option. Nearly every 401K will continue to offer the S&P 500 and other regular funds.

[cuban leaf]

I already cashed out my 401k before the government could lay their filthy stinking hands on it.

[DEPcom]

“Couldn’t you just convert it to a simple IRA?” I think so.

I move my funds into a stable value fund with a guaranteed interest. Stable value is great for people who are getting close to retirement. I am still up for the year compared to my coworkers who lost over 10%.

Debating on what to do at 59 1/2.

[fella]

What about IRAs?

[imabadboy99]

“diversity” is the national religion and anyone speaking against it is a heretic. Despite the 1st Amendment protections against a national religion, we have this evil demonic false diety foisted upon us with the full brutal force of the government enforcing it’s worship.

[NEMDF]

Not while you are still working at the employer/sponsor of the 401(k) plan.

[SamAdams76]

That's not necessarily true. When I turned 59 1/2, I was able to do what is called an "in service rollover" in which I transferred the bulk of my 401k into a self-directed IRA. I was able to do this while still employed. Further, I'm still able to contribute to my employer's 401k plan.

Not all companies offer this and some that do may not let you continue to contribute to the 401k for a period of time. So you should check your company's policy before making any moves.