Obama Administration Plans to Seize 401(k) Retirement Accounts
Written by Joe Wolverton, II
Wednesday, 05 May 2010 12:45
One aspect of a new and improved federal regulatory scheme is the seizure of 401(k) retirement plans and the subsequent government-administered disbursement of the funds.
In Chapter 3 of the Annual Report on the Middle Class released in February by Vice President Biden and the White House Task Force on the Middle Class, the Obama administration calls for enhancing the “retirement options” for the middle class by imposing “new regulations to improve the transparency and adequacy of 401(k) retirement savings.”
The plan, as sketched in the 43-page document, calls for the creation of something called “Guaranteed Retirement Accounts” (GRAs). Biden slyly shifts the onus for the idea through weasel words typical of the federal government: “Some have suggested the creation of Guaranteed Retirement Accounts (GRAs), which would give workers a simple way to invest a portion of their retirement savings in an account that was free of inflation and market risk, and in some versions under discussion, would guarantee a specified real return above the rate of inflation.”
Don't you just love the words these people use? Hold on to you wallet when you hear, "We're from the Government and we're here to help".
That is why it's of utmost importance that these people be replaced, all of them RINOs and Democrats (no conservatives in the party) at all levels of government. Changing control of the House was a small and necessary start but the President and Senate must be next.