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Unions Want to Take Over Your 401(k)

Discussion in 'The Okie Corral' started by scottlang, Mar 24, 2010.

  1. scottlang

    scottlang Millennium Member

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    One of the nation's largest labor unions, the Service Employees International Union (SEIU), is promoting a plan that will centralize all retirement plans for American workers, including private 401(k) plans, under one new "retirement system" for the United States.

    In effect, government pensions for everyone, not unlike the European system and regardless of personal choice.

    The SEIU, which was integral to the election of Barack Obama as president, is working with the left-leaning Economic Policy Institute (EPI), and the National Committee to Preserve Social Security and Medicare, on SEIU's plan, called "the Retirement USA Initiative."

    Claiming that the retirement system in place now has "failed most Americans," EPI vice president Ross Eisenbrey, told a labor union publication that "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 already are in the ravine. Three in 10 have only a 401(k) or similar savings plan, and the rest of us are totally out of luck," said Eisenbrey.

    Eisenbrey said that the median 401(k) account balance was $25,000 in 2006, and the median for workers near retirement was $40,000.

    "Half of those who had a 401(k) were nearing retirement with less than $40,000 in their account," said Eisenbrey, who is trained as a lawyer and was a Clinton administration appointee from 1999 through 2001.

    The proposed retirement system would be operated under the following parameters:

    • Benefits that move with you, even if you change jobs

    • Payouts only at retirement

    • Shared responsibility among employers, the government and employees

    • Pooled assets, controlled by professional investment managers

    "The financial crisis and the economic recession have shone a spotlight on the inadequacies of today's system," said Stephen Albrecht, director of benefits for SEIU.

    With the uncertainty in today's global economy, creating a whole new federal entitlement for American workers may not be easy to accomplish for these groups or their allies on Capitol Hill and in the Obama administration, as America's creditors are already getting nervous.

    Chinese Premier Wen Jinbao is telling U.S. policymakers that he is concerned about the "safety" of his country's already huge holdings of U.S. debt.

    "We have lent a huge amount of money to the United States," said Wen, according to a report in the Financial Times. "We are concerned about the safety of our assets. To be honest, I am a little worried. I request the U.S. to maintain its good credit, to honor its promises and to guarantee the safety of China's assets."


    http://moneynews.com/StreetTalk/unions-401k-pensions/2009/03/17/id/328862
     
  2. HKUSP45Css

    HKUSP45Css

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    So, let me get this straight. The SEIU wants me to hand over my retirement plans to the same entity that bought failing airlines, automobile manufacturers and has, essentially, bankrupted the only national retirement we HAD?

    Hmmm, I think I'd like to see what's behind door number two, Alex.
     

  3. robbcayman

    robbcayman

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    Exactly!!! If they try this I will cash out and move my 401k money into something else. Trust me, you will wish you had paid the penalty by the time these morons get their hands on it.

    The primary reason social security is going broke, is because they kept taking money out and putting IOU's back in. Seriously, if they try this I will bail and put all my money in private accounts. I'm really starting to dislike the direction our country is moving in. In fact, I'm already sick of this socialism trash. :steamed::steamed:
     
  4. mymini40

    mymini40

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    The SEIU is a den of thieves. Would anyone trust them with their money? I dont think so.
     
  5. zeke66

    zeke66

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    "To each according to his need. From each according to his means."

    There is exactly only ONE (1) flaw in the above Marxist philosophy. Once implemented, the collective "need" will gradually (or not so gradually) outpace the collective "means", then the system eventually collapses upon itself. As it always has been. As it always shall be.
     
  6. TexanRon

    TexanRon Come 'n Take It

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    A similar idea was floated when BJ Clinton was in office. Jesse Jackson and his gang of thugs were going to get a certain percentage of all the IRA's to put down for "affordable housing". This WILL eventually happen. The Dems need an unending supply of money from the producers to keep buying the votes of the non-producers.
     
  7. norton

    norton

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    The median account balance for those near retirement is 40K?
    Geez, I don't feel so bad about my 401 K now:supergrin:
     
  8. Gallium

    Gallium CLM

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    I'm all for it - just like I'm for complete civilian gun confiscation, reducing the highway speed limits nationwide to 42mph, mandating that 50% of all vehicles on the roads be hybrid/electric, a flat nationwide sales tax of 22.5%, taxes on the rich - anyone making over $25k / year, nationalized health care, everyone has to submit DNA to a DNA bank, cameras on every street corner, a national ID card....


    Did I get everything? Oh wait, I forgot we should implement sharia law, and a single party political system as well, and a 10000% tax on the internet, ballastic databases for all guns in circulation...

    Whew. I worked up a big sweat.

    'Drew
     
  9. ElevatedThreat

    ElevatedThreat NRA Member

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    The idea of the 401K just burns away at the minds of Progressives.

    So much money, invested and controlled privately.

    It drives them nuts that they cannot seize and spend that money.

    Every qualified financial adviser tells folks approaching retirement age to gradually shift more and more of their 401K to investments with less and less market risk exposure.

    If people who are 60 are still in 100% stocks, that's on them.

    Leave me and my investments alone. I'm doing fine, thank you.

    (Now if only Obama and his DemoCommunists would stop driving the the US economy into the toilet, folks' stock investments would be doing even better.)

    -ET
     
    Last edited: Mar 24, 2010
  10. PawDog

    PawDog NRA Member

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    Drew, you must have woke up on the liberal side of the bed this morning!!:rofl:

    Please, go back to sleep, it's only a dream! Really, a nightmare!!!:supergrin:
     
  11. Exodus.

    Exodus.

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    Looks like thats the plan ^ Drew. I wouldnt be really surprised if this 401k deal is the next big thing to hit.
     
    Last edited: Mar 24, 2010
  12. ChuteTheMall

    ChuteTheMall Wallbuilder and Weapon Bearer

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    We need to pull together and do everything we can to destroy each and every union job in this country.
     
  13. GP55445

    GP55445

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    ΜΟΛΩΝ ΛΑΒΕ
     
  14. zeke66

    zeke66

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    Hey, even thou the SEIU is a bunch of scumbags, let's not go quite THAT far.:upeyes:
     
  15. tbhracing

    tbhracing Senior Member

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    I would not be putting my money in that plan right away. BUT- I do not see something like this failing either.

    I would expect it to resemble more national tax exempt savings plans- You put money in and get a choice of what plans and percentages you want to invest in. Much like the Fed Govt's Thrift Savings Plan (TSP).

    If managed correctly, this could be a good retirement avenue for a lot of people.
     
    Last edited: Mar 24, 2010
  16. glock2740

    glock2740 Gun lover.

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  17. RenoF250

    RenoF250

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    Get outside to fresh air immediately, you must be inhaling something. If you think for a second the government has anything in mind other than controlling your cash and spreading it out you are running low on oxygen.
     
  18. aircarver

    aircarver Descent Terminated Silver Member

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    You get to 'invest' in gubber-mint bonds- right ?......:upeyes:
     
  19. Just1More

    Just1More

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    If they do this, I'm cashing in my 401k and joining the "Welfare" crowd.
     
  20. Twisted Steel

    Twisted Steel And Sex Appeal

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    Then quit buying the debt you idiot.