401(k) Plans

[Guest]

More info:

A little-noticed rule from the Department of Labor this week could affect millions of retirement investments. On page 4 of the proposed regulation, DoL expresses the view that “seldom” can Americans “prudently manage retirement benefits on their own” and that they “generally cannot distinguish good investments from bad.” The government steps in and makes the cost of some of these investments too high for many. The Competitive Enterprise Institute calls it “Obamacare for Your IRA.”

It’s a hidden tax scheme you can read about at Fox Business. The point of mentioning it is that the government thinks you’re stupid and they need to step in.

The Government will continue to circumvent Congress with constant new rules and your savings are very important to them.

High on the socialist dream list is big government control of private savings and retirements. We are inching towards that reality instead of facing an immediate massive takeover.

The reason the government uses to support a takeover is that people aren’t saving and eventually become government burdens. It is also being labeled a “human right”.

Only Big Government can solve the problem by instituting another unsustainable entitlement like Social Security and Obamacare. The government in turn gets to use your money while you are alive and, after you die, the government gets to keep the savings as they do with government pensions now.

MyRA, instituted by Barack Obama, allows low and middle class Americans to save in government plans. They can never lose their principle and they always receive interest. The problem is their money is invested in low-yield treasury bonds which pay insignificant amounts and it does nothing to change the fact that the people aren’t saving because they don’t have the spare money, which means that at some point the government will force people to save.

The left-wing government’s excuse or belief is that they must do for Americans what they cannot or will not do for themselves because savings accounts are a human right. Greece would undoubtedly agree with that.

The left-wing Service Employee International Union, or SEIU, a key labor union ally of the Obama administration, mounted an effort in 2014 to create government-mandated worker retirement accounts as an entitlement program, with the possibility that a portion of all private retirement funds could be forced into U.S. Treasury debt.

Branding the program “Retirement USA,” the SEIU joined with the AFL-CIO, the Economic Policy Institute, a Washington-based economic left-leaning think tank that receives substantial labor funding, and two other left-leaning interest groups, the Pension Rights Center and the National Committee to Preserve Social Security.

The left’s Retirement USA idea is promote the concept that all workers in the U.S. have a right to a government retirement account that would fund a secure retirement with adequate dollars, in addition to Social Security and private ERISA-retirement workplace retirement programs such as 401(k) programs.

“Our goal is to involve all workers and all employees in a government-mandated retirement program, with the government putting up the difference for lower paid employees,” Nancy Hwa, a spokeswoman for the participating Pension Rights Center said. ...

http://webcache.googleusercontent.com/search?q=cache:f3KDHg90QNwJ:www.independentsentinel.com/retirement-socialism-usa-government-seizes-private-retirement-savings/+&cd=7&hl=en&ct=clnk&gl=us

[Guest]

I should have expanded on the FBO statement in the video.

401(k) plans are held by the plan company in a Trust FBO (For the Benefit Of) ..... so not really OWNED by you.