Now say you had a great job. Say you had great money in your 401k. Played the market, made some real change. Say you had $2 million in the account. Now the Gov steals your $2 mil. You put in your only $500 per month too that. By retirement say you have $2.5 mil. Now, you are 65, get your SS check and whatever you draw from the $2.5 mil. WHO gets to DECIDE how much each month you want to take from the $2.5 to put with your SS check? Maybe you want $5,000 per month added to your SS check. But, the GOV says, Oh, No no no, you can only take $1,500 per month max to add to your SS check. So how long would you have too live to get your $2.5 totally withdrawn? My calculator says 1666.66666666666666666666 years!!!!! So, in other words, you kick off in 20 or 30 years and the GOV has your $2.5 mil to spend as it sees fit, minus the small sum you took out over 20 or 30 years. You fam may get some of it, but under your 401k you family would have got EVERY dime you had left. Oh, don't forget, say the KIND Gov allowed your family to get $1 mil. Don't forget they will take about 50% in death tax.
Enjoy socialism folks.
The only problem I can see with the government theft of the private 401k plans is that while the legislators would be casting their vote for the idea, their families would be dying at home.
Is it worth it as a legislator to do something that you were not elected to do if it would result in the death of your own family?