Dean's Gun Restoration
+ Reply to Thread
Results 1 to 4 of 4

Thread: Your 401K is in Danger

  1. #1
    Join Date
    Aug 2009
    Posts
    6,164

    Default Your 401K is in Danger

    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.

    jt

    *********************
    "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.
    *********************

  2. #2
    Join Date
    Aug 2009
    Location
    mattituck, new york
    Posts
    4,105

    Default

    Teresa Ghularducci seems to have many union pension fund clients.
    http://www.amazon.com/When-Im-Sixty-.../dp/0691114315

    Here is a comment on her book by an advocate of index funds....I don't agree with his numbers...too optimistic
    http://www.amazon.com/review/R397XCU...R397XCUGBSU3I6

    I would have to agree that 20% of the population controls 80% of the wealth. Unfortunately, I believe that is a result of ability, luck, background and continued effort.

    It appears to me that that Ghularducci's client, the Teamsters, can't manage pension funds any better than the federal government can manage the OADSI fund.
    http://tdu.org/news/survey-reveals-m...-zone%E2%80%9D

    OADSI
    http://en.wikipedia.org/wiki/Social_...(United_States)
    "Hiroshima Tower. This is the Enola Gay. I'd like to make a second pass. Over."

  3. #3
    Join Date
    Aug 2009
    Posts
    6,164

    Default

    What disturbs me is that the government can seize private funds now, thanks to POTUS and that idiot Justice Roberts. Our IRA's and 401K's are a portion of our salaries and should be exempt from government seizure of any form, except the normal income tax upon withdrawal. The fact that when we die, any funds remaining in a SSA administered annuity account would belong to the government and not our heirs. They are betting on early deaths, because if you die young, your heirs just lost the money you set aside for your retirement. This is beyond taxation, this is seizure of private funds for no reason other than to fund the government because they are incapable of cutting spending on any front. I don't believe people have realized exactly what the Dems have in mind. They will, of course, exempt themselves and their friends.

    jt

  4. #4
    Join Date
    Jun 2010
    Location
    Southern WVa
    Posts
    295

    Default

    If they do this there will be a lot of ticked off folks and hopefully riots, looting, and burning. Maybe it's our turn.
    Sometimes I sits and thinks, sometimes I just sits.

+ Reply to Thread

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts