FrankRep
04-09-2011, 08:43 AM
http://news.xinhuanet.com/english/2009-02/15/xin_422020615083929653594.jpg
Treasury may borrow federal retirement funds in debt emergency (http://www.federaltimes.com/article/20110405/BENEFITS02/104050306/1001)
Federal Times
April 5, 2011
The government could temporarily tap tens of billions of dollars from two federal employee retirement programs if Congress fails to raise the federal debt ceiling next month, Treasury Secretary Timothy Geithner told lawmakers.
The government expects to hit a $14.3 trillion debt ceiling on May 16 or before, Geithner said in a Monday letter.
...
Geithner said borrowing money from the federal retirement programs and other "extraordinary measures" available to the government would stave off the need to raise the debt ceiling until around July 8. Once those measures are exhausted, the government "will be limited in its ability to make payments across the government," Geithner said.
In that case, retirees' pensions could be affected. Adcock said that, if that were to happen, any impact on retirement payouts would be "the least of their problems because we'll face a worldwide economic collapse.
"I think people would understand what's at stake and cooler heads would prevail," Adcock added.
Full Story:
http://www.federaltimes.com/article/20110405/BENEFITS02/104050306/1001
====
Are 401(k) (http://en.wikipedia.org/wiki/401%28k%29) Retirement funds safe in a Debt Emergency? Good question.
2010 - Obama Needs Your 401(k) to Balance His Budget (http://thenewamerican.com/usnews/congress/4413-obama-needs-your-401k-to-balance-his-budget)
The Obama administration is “taking the first steps to confiscate retirement dollars,” according to Dr. Jerome Corsi who predicts that the end result will be retirees with 401(k) plans holding near-worthless government debt “that will be paid off in a devalued currency worth…pennies on the dollar.” by Bob Adelmann
2010 - Obama Administration Plans to Seize 401(k) Retirement Accounts (http://www.thenewamerican.com/index.php/usnews/politics/3478-obama-administration-plans-to-seize-401k-retirement-accounts)
One aspect of a new and improved federal regulatory scheme outlined in the Annual Report on the Middle Class is the seizure of 401(k) retirement plans and the subsequent government-administered disbursement of the funds. by Joe Wolverton, II
Treasury may borrow federal retirement funds in debt emergency (http://www.federaltimes.com/article/20110405/BENEFITS02/104050306/1001)
Federal Times
April 5, 2011
The government could temporarily tap tens of billions of dollars from two federal employee retirement programs if Congress fails to raise the federal debt ceiling next month, Treasury Secretary Timothy Geithner told lawmakers.
The government expects to hit a $14.3 trillion debt ceiling on May 16 or before, Geithner said in a Monday letter.
...
Geithner said borrowing money from the federal retirement programs and other "extraordinary measures" available to the government would stave off the need to raise the debt ceiling until around July 8. Once those measures are exhausted, the government "will be limited in its ability to make payments across the government," Geithner said.
In that case, retirees' pensions could be affected. Adcock said that, if that were to happen, any impact on retirement payouts would be "the least of their problems because we'll face a worldwide economic collapse.
"I think people would understand what's at stake and cooler heads would prevail," Adcock added.
Full Story:
http://www.federaltimes.com/article/20110405/BENEFITS02/104050306/1001
====
Are 401(k) (http://en.wikipedia.org/wiki/401%28k%29) Retirement funds safe in a Debt Emergency? Good question.
2010 - Obama Needs Your 401(k) to Balance His Budget (http://thenewamerican.com/usnews/congress/4413-obama-needs-your-401k-to-balance-his-budget)
The Obama administration is “taking the first steps to confiscate retirement dollars,” according to Dr. Jerome Corsi who predicts that the end result will be retirees with 401(k) plans holding near-worthless government debt “that will be paid off in a devalued currency worth…pennies on the dollar.” by Bob Adelmann
2010 - Obama Administration Plans to Seize 401(k) Retirement Accounts (http://www.thenewamerican.com/index.php/usnews/politics/3478-obama-administration-plans-to-seize-401k-retirement-accounts)
One aspect of a new and improved federal regulatory scheme outlined in the Annual Report on the Middle Class is the seizure of 401(k) retirement plans and the subsequent government-administered disbursement of the funds. by Joe Wolverton, II