The current administration intends to convert your 401K's and retirement plans to government annuities from which you cannot borrow money, as they will be administrated by the SSA. They want control of the estimated $4trillion in the accounts, for which you will receive nothing in return. Check it out - it is now possible, and probable, due to the OslamaCare POTUS ruling.
"The Latest move can be found in the Obama Administration`s, 256 page- FY 2013 Budget Proposal. The revival of his 2008 presidential run, the “Automatic IRA” which has now “Evolved” into two proposals:
Secure Choice Pension & Government Retirement Accounts (GRA’s), both of which automatically- “Mandate” 5% - 6% contributions into Government Run Pension funds.
One feature of "GRA`s" is once a participant dies, the uncollected equity belongs to the government. It’s no wonder the Retirement age for GRA’s will be 67, and one proposal calls for 69 years of age. They’re “off the hook” as soon as you`re dead.
Another change to the retirement account laws, the Tax Benefit. The current Tax Deduction will be replaced with a "Credit", which is only redeemable after retirement. To be Eligible for the Tax Credit, you will be given the “Option” to place Your Equity into Annuities composed of U.S Treasury Bonds, that will payout an estimated 3% annually.
Yes, you`ll be Investing/Buying what China No longer wants, U.S. Debt (Treasury-Bonds).
Will This Socialistic Plot end, when Obama`s Term ends?
No matter who wins, our government is Neck-Deep in Debt. When faced with the Reality of a Complete government Collapse… a Politician will do, what a Politician, needs to do! The $4.6 Trillion in IRA’s and the $4.3 Trillion in 401(k)s … are all too tempting!
On May 18, 2011, senators Herb Kohl (D-WI) and Mike Enzi (R-WY) introduced S1020: “Saving Enhancement by Alleviating Leakage in 401k saving Accounts”, AKA: Seal 401k savings accounts.
First comes Restriction, then Outright Control! This bill will Restrict you from accessing Your money; you wouldn`t even be able to borrow from it.
On February 23, 2012 California congressman Kevin De Leon introduced SB1234, it`s known as: "Golden State Retirement Trust". This Bill is based on GRA`s
On May 6, 2012 Lauren Schmitz, a research analyst at the Bernard L Schwartz Center for Economic Analyst (SCEPA), introduced HB5337. SCEPA is the very same Institution where Teresa Ghularducci originated the GRA concept. Of course, this Connecticut Bill is also based on GRA`s.