Posted on 10/30/2017 1:35:22 AM PDT by Oshkalaboomboom
After many years of no employer retirement plan & no means of saving on my own,I finally was able to get into a 401K plan & be fully vested. Well,I still had nothing to put into it & then found out that company involvement was only going to be about 2 cents on the dollar, so it was then I decided that was no good. So,later on I waited several years later than necessary to retire on S.S. plus what little I could save. Now,I find out that the government has their eyes on the 401K money. I could have potentially lost even what that little scrap would have been. They say S.S. is on the edge of going broke,so future retirees could have saved all their lives & end up with(potentially) nothing at all. What a future all thanks to government negligence!
Democrats have already laid the groundwork for raiding 401(k) plans. It’s called “Guaranteed Income Annuities” and the idea was to carve out 20% or so of each 401(k). Of course the government would handle the annuity payout. It was part of the DOL changes to 401(k) plans several years back, and the DOL expansion into IRA’s that is happening right now.
“After many years of no employer retirement plan & no means of saving on my own,I finally was able to get into a 401K plan & be fully vested. Well,I still had nothing to put into it & then found out that company involvement was only going to be about 2 cents on the dollar, so it was then I decided that was no good. So,later on I waited several years later than necessary to retire on S.S. plus what little I could save. Now,I find out that the government has their eyes on the 401K money. I could have potentially lost even what that little scrap would have been. They say S.S. is on the edge of going broke,so future retirees could have saved all their lives & end up with(potentially) nothing at all. What a future all thanks to government negligence”
Yeh, you’ve apparently got yourself in a pickle. I seriously doubt that SS will be allowed to go under as too many folks depend on it. The problem with SS is that it benefits coverage has been continuously expanded to people who have never paid a cent into it. I believe the term is “chain immigrantion. Btw, not doubting your word but never heard of a company plan that only paid two cents on the dollar. Heard of zero, 50 cents, dollar for dollar. Well, things turn out ok for you though. Good luck!
GE (Greedy Executives) forced employees to invest in 401(k) plans which IT administered: picking up management fees while underperforming.
And "fiduciary duty" means the companies have to monitor underperforming funds and winnow the poor ones, rather than choose the fund based on which funds salespeople provide the hottest $1,000/hr callgirls to the executives making the decision /snark>
Lawsuit alleging General Electric ripped off its workers shows the pitfalls of 401(k) plans
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