FrankRep
05-19-2011, 09:35 PM
Bill would make it tougher for workers to tap 401(k) (http://www.chicagotribune.com/business/breaking/chibrkbus-bill-would-make-it-tougher-for-workers-to-tap-401k-20110519,0,770154.story#tugs_story_display)
Chicago Tribune
May 19, 2011
Congress wants to make it tougher for workers to tap their 401(k) retirement funds -- and to make it easier for them to repay those loans when they do.
Sen. Herb Kohl, a Wisconsin Democrat and Sen. Mike Enzi, a Wyoming Republican filed the bill Wednesday with an eye toward protecting 401(k)s, a critical means of saving for retirement for millions of Americans.
...
The bill would limit workers to taking out no more than three loans from their retirement funds. Currently, employers decide how many loans workers can take.
It would also ban the use of 401(k) debit cards, which, while uncommon, make it much too easy to raid retirement funds, said Kohl's spokesman Joe Bonfiglio.
...
Flashback:
http://news.xinhuanet.com/english/2009-02/15/xin_422020615083929653594.jpg
Treasury to Tap the Federal Retirement Funds to Run Government (http://www.washingtonpost.com/business/economy/treasury-to-tap-pensions-to-help-fund-government/2011/05/15/AF2fqK4G_story.html?hpid=z1)
Washington Post
May 16, 2011
The Obama administration will begin to tap federal retiree programs to help fund operations after the government lost its ability Monday to borrow more money from the public, adding urgency to efforts in Washington to fashion a compromise over the debt.
Treasury Secretary Timothy F. Geithner has warned for months that the government would soon hit the $14.3 trillion debt ceiling — a legal limit on how much it can borrow. With that limit reached Monday, Geithner is undertaking special measures in an effort to postpone the day when he will no longer have enough funds to pay all of the government’s bills.
...
Flashback:
April 5, 2011 - Timothy Geithner: In a Debt Emergency, Use Federal Retirement Funds! (http://www.ronpaulforums.com/showthread.php?286953-Timothy-Geithner-In-a-Debt-Emergency-Use-Federal-Retirement-Funds!)
Forward thinking:
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
Chicago Tribune
May 19, 2011
Congress wants to make it tougher for workers to tap their 401(k) retirement funds -- and to make it easier for them to repay those loans when they do.
Sen. Herb Kohl, a Wisconsin Democrat and Sen. Mike Enzi, a Wyoming Republican filed the bill Wednesday with an eye toward protecting 401(k)s, a critical means of saving for retirement for millions of Americans.
...
The bill would limit workers to taking out no more than three loans from their retirement funds. Currently, employers decide how many loans workers can take.
It would also ban the use of 401(k) debit cards, which, while uncommon, make it much too easy to raid retirement funds, said Kohl's spokesman Joe Bonfiglio.
...
Flashback:
http://news.xinhuanet.com/english/2009-02/15/xin_422020615083929653594.jpg
Treasury to Tap the Federal Retirement Funds to Run Government (http://www.washingtonpost.com/business/economy/treasury-to-tap-pensions-to-help-fund-government/2011/05/15/AF2fqK4G_story.html?hpid=z1)
Washington Post
May 16, 2011
The Obama administration will begin to tap federal retiree programs to help fund operations after the government lost its ability Monday to borrow more money from the public, adding urgency to efforts in Washington to fashion a compromise over the debt.
Treasury Secretary Timothy F. Geithner has warned for months that the government would soon hit the $14.3 trillion debt ceiling — a legal limit on how much it can borrow. With that limit reached Monday, Geithner is undertaking special measures in an effort to postpone the day when he will no longer have enough funds to pay all of the government’s bills.
...
Flashback:
April 5, 2011 - Timothy Geithner: In a Debt Emergency, Use Federal Retirement Funds! (http://www.ronpaulforums.com/showthread.php?286953-Timothy-Geithner-In-a-Debt-Emergency-Use-Federal-Retirement-Funds!)
Forward thinking:
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