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View Full Version : Government Taking a Hard Look at 401(k)s; Here They Come!




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

Humanae Libertas
05-19-2011, 09:44 PM
Geithner even looks like a crook. I mean, just look at him!

Carehn
05-19-2011, 10:15 PM
Geithner even looks like a crook. I mean, just look at him!

No, didn't you read the article. Hes doing this for your own good.

FrankRep
05-19-2011, 10:29 PM
No, didn't you read the article. Hes doing this for your own good.

LOL.

What Conspiracy? The Government loves you and wants you to be happy and healthy.

FrankRep
05-19-2011, 10:44 PM
The Savings Enhancement by Alleviating Leakage in 401(k) Savings Act of 2011, or SEAL Act

Text:

SEAL 401(k) Savings Act
http://aging.senate.gov/issues/FSA.pdf

FrankRep
05-20-2011, 03:23 PM
401(k) Retirement Savings Eroded by Loans, Withdrawals, Cashouts Worry Congress - ABC News
http://abcnews.go.com/Business/401k-retirement-savings-eroded-loans-withdrawls-cashouts-worry/story?id=13641490

Senate bill would limit 401k loans
http://money.msn.com/retirement-investment/article.aspx?post=e5702465-353b-4a5b-8aa3-f0d0cca6d43e

Treasury using federal pension funds opens up move to take 401K's
http://www.examiner.com/finance-examiner-in-national/treasury-using-federal-pension-funds-opens-up-move-to-take-401k-s

Kylie
05-20-2011, 06:21 PM
I was trying to find all the regulations that it is changing, but reading that legalese makes me want to drink.

My head hurts. Why would they have such a clusterfuck of rules?

libertyjam
05-21-2011, 07:04 AM
If this happens, Bankruptcy's are going to skyrocket!

MRoCkEd
05-21-2011, 07:10 AM
What's next - They're going to merge 401(k)s with social security and use wealth distribution to make it solvent?

Anti Federalist
05-21-2011, 11:36 AM
What's next - They're going to merge 401(k)s with social security and use wealth distribution to make it solvent?

Yes, more than likely, along with a heavily inflated dollar.

Anti Federalist
05-21-2011, 11:38 AM
Geithner even looks like a crook. I mean, just look at him!

Actually, every time I see Geithner I think of this:

http://2.bp.blogspot.com/-gXt1r-Sf9Ac/TcHqTpGw9YI/AAAAAAAAlTU/jF8el4WZwAo/s400/110504-geithner-butthead.jpg

Cowlesy
05-21-2011, 11:38 AM
LOL.

What Conspiracy? The Government loves you and wants you to be happy and healthy.

It is not enough that you obey Big Brother, you must love Him.

Anti Federalist
05-21-2011, 11:39 AM
It is not enough that you obey Big Brother, you must love Him.

2 plus 2 does equal five