Govt. Mandated 401K’s For All Employees
You may never see your pension
Hearings began in the house in October of 2008, after Obama was elected.
On the Horizon,
GOVT. MANDATED 401k’s.
Nationalization of 401k’s and IRA’s. In other words they will be confiscated.
All assets will be distributed to treasury bonds and upon retirement the retiree will be given an annuity.
Upon the death of you and your spouse your savings will revert to the govt.
The powerful service employees international union (SEIU) has pushed for “Universal IRAs” or “Guaranteed Retirement Accounts” for all workers.” That’s because union pension funds are underfunded and they want to pool all pension funds.
Long tied to the unions and supported financially by the unions, Democrats John Kerry of Mass. and Jeff Bingaham of New Mexico have proposed mandatory employer savings plans.
HOW TO LOWER WAGES,KILL JOBS
S.3760 sponsored by Kerry and Bingaham was introduced on August 5th. Hearings on the bill started in mid September.
This bill would require,
First year- Required participation of all firms with 100 or more employees.
Second year- Required participation of all firms with 50 or more employees.
Third year- Required participation of all firms with 25 or more employees.
Fourth year- Required participation of all firms with 10 or more employees.
Employers would be required to contribute 3%. Employees would contribute 3%. Some say that amount would increase to 15% within 3 years.
Employees initially could opt out. Soon it would be mandatory.
The Treasury would mandate which firms would be eligible to offer 401k’s and IRA’s. Think, Goldman Sachs’s.
The Treasury would determine what saving options would be available. Most likely treasuries would be the choice. Your savings would be used to pay off the national debt.
- Think your pension is safe? Think again. http://randysright.wordpress.com/2010/08/29/government-wants-your-401k-hearings-set-on-plan-to-require-treasuries-in-automatic-ira/
- How to make Americans buy treasuries and pay for the debt. http://www.wnd.com/?pageId=121891
- The future http://www.webofdebt.com/articles/eu_imf.php
- Confiscation of Private Retirement Accounts http://news.coinupdate.com/us-departments-of-labor-and-treasury-schedule-hearing-on-confiscation-of-private-retirement-accounts-0431/