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401k takeovers?

Discussion in 'The Okie Corral' started by StarShip2100, Mar 26, 2010.

  1. StarShip2100

    StarShip2100 Futurist

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    I just saw this today. What is the point of collecting everyones 401K's if the payout is still to the individual?

    http://www.seiu.org/2009/03/seiu-coalition-partners-launch-retirement-usa-initiative.php
    SEIU Blog


    10:16 AM Eastern - March 11, 2009
    SEIU, Coalition Partners Launch Retirement USA Initiative

    By Kate Thomas

    Initiative will work to establish principles for a visionary retirement income system

    SEIU partnered with The Economic Policy Institute (EPI), the National Committee to Preserve Social Security and Medicare and the Pensions Rights Center to launch Retirement USA, an initiative working for a new retirement system that, along with Social Security, will provide universal, secure, and adequate income for future retirees.

    Why do we need the Retirement USA Initiative?

    Because the system we have now has failed most Americans---a harsh reality that EPI Vice-President Ross Eisenbrey spelled out at the launch of the initiative yesterday:
    "Only half of full-time workers have a retirement plan through their employer, and coverage is much lower for part-time workers. Participating in a plan doesn't mean a worker is adequately preparing for retirement. The median 401(k) account balance was only $25,000 in 2006---$40,000 for workers approaching retirement age. In other words, half of those who had a 401(k) were nearing retirement with less than $40,000 in their account.

    "Account balances have fallen by a third since late 2007, leaving many older workers unable to retire just as our economy is shedding millions of jobs. The failure is broad and deep. It's not just a few people falling through the cracks: most of us are already in the ravine. In the private sector, only two in 10 of us have a secure pension. Three in 10 have only a 401(k) or similar savings plan-and the rest of us are totally out of luck."

    The Retirement USA principles will be used by SEIU and its partner organizations in this initiative as a framework for evaluating how well proposals would fulfill the goals of universal coverage, and secure and adequate income. The principals would include concepts such as:
    • Pooled assets that are professionally managed;
    • Shared responsibility among employers, employees and the government;
    • Payouts only at retirement;
    • Benefits that could move with you even if you change jobs
    "The financial crisis and the economic recession have shone a spotlight on the inadequacies of today's system," said Stephen Abrecht, Director of Benefits and Capital Stewardship for SEIU. "The time to act is now."

    Karen Ferguson, director of the Pension Rights Center, has invited others to submit proposals for a new system, which will be examined at the fall conference. Proposals will be posted on the Retirement USA web site at www.retirement-usa.org.
     
  2. JimGlock

    JimGlock

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    This is ridiculous. This better not pass. The Feds hate seeing people have money that they have no control over.
     

  3. johnd

    johnd

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    They want:
    More rules = More control =More regulation= More government = more for them and the government.
     
  4. Fungunner

    Fungunner

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    I assure them, I have more than the average in my 401k, and the idea of the Socialists confiscating my money to intermingle with the failed SEIU and Socialist Security system does not bode well. Just something else to remember when the democrats ask for my vote, come November.

    I've already written to my congress-critter, to see if he is listening.

    My guess is, in addition to all that BS PR included with the story from the OP, there will be some kind of clause that allows them to keep the confiscated funds after we die.
     
    Last edited: Mar 26, 2010
  5. BSA70

    BSA70

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    With everything that has came to pass in the last few years, enron, economy, obama, etc...

    I have lost all faith in the stock market and anything associated with 401 K. I still contribute, looking at retirement in 10 years, hopefully:crying:
    Yeah, money can be made by the few that are lucky enough to time stuff right.

    Way too many crooks in the system.
     
  6. G36's Rule

    G36's Rule Senior Member

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    And your point is?
     
  7. 2c5s

    2c5s

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    Timing has nothing to do with it, you have to be in it to get it, that simple. If you try to time the market, you're going to lose.
     
  8. sarge83

    sarge83

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    Why wouldn't they go after 401Ks? That is what, about $3 trillion dollars they can't get their paws on to spend on more vote buying programs. Congress will think they hit the lottery if they can get the 401ks. They take the 401s hand you treasury notes that promises you a fair return when you retire, just like social security, right. Nothing could go wrong here, we all know how well the gov. did with social security, all's well:upeyes:
     
  9. Wake_jumper

    Wake_jumper

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    401K accounts are toast. It will start by eliminating all tax privileges. Then they will "buy" them out with the promise of guaranteed income. Many will voluntarily sign up and turn their money over to the Gov't so they won't have to worry about their retirement. Those who refuse will be forced by some new grandiose law.


    Resistance is futile. You will be assimilated.