Obama going after your 401k’s and IRA’s

@Alkaia Said

Its going to be ugly next year, im actually thinking of removing my funds. and burying them in the yard...

@jonnythan Said

Oh, here's the full transcript from that day:

https://www.dol.gov/ebsa/pdf/1210-AB33-09142010.pdf

You will notice Miss Davis' remarks differ from the written response submitted. If you read the remarks she gave in person, she "demanded" nothing.

Here is the complete excerpt of the offending portion where she "demanded" that the Obama administration apparently end all private retirement saving. Read the passage and tell me if that's what you would have concluded reading this on your own without the NSC telling you what to think:


We would support a requirement that all
defined contribution plans offer basic lifetime income
option as an optional form of benefit distribution from the
plan. A basic offering would be a simple annuity base,
transparent and subject to the joint and survivor rules
applicable to defined benefit plans. There should also be
an option for partial annuitization to give participants
greater flexibility and also to calm the nerves of those
who balk at putting all their nest egg in one basket.
Additionally, the mere existence of the benefit option
within the plan carries with it an endorsement effect that
could encourage some wavering participants to opt for an
annuity. Under current 401k plan structure, participants may
withdraw all or part of their savings -- excuse me -- and
purchase an annuity on the private market. Alternatively,
a small number of individual account plans through service
providers, offer participants annuity options. Private
annuities are problematic, primarily because of their high
cost and the negligible monthly benefits that small account
balances can purchase. For these reasons, an annuity
option within a 401k for participants with low balances
would not be a realistic choice for most low and moderate
income participants. Yet these are the individuals most in
need of lifetime income in retirement. Therefore, we
suggest that serious consideration be given to the concept
of establishing a government sponsored program, ideally
administered by the PBGC where participants with low
account balances could purchase low cost annuities.

@El_Tino Said

I wish you would, along with every other right winger, that way the other lefties can get better prices when we buy stocks. Feel free to jump back in and drive prices back up when I retire.

@Alkaia Said

who are you kidding. Thats not the plan. Tha plan is we are all gong to be finally equal, equally POOR

@Alkaia Said

Um Yesssssssssssss>>>>

For these reasons, an annuity
option within a 401k for participants with low balances
would not be a realistic choice for most low and moderateincome participants. Yet these are the individuals most in
need of lifetime income in retirement. Therefore, we
suggest that serious consideration be given to the concept
of establishing a government sponsored program, ideally
administered by the PBGC where participants with low
account balances could purchase low cost annuities.

Right here in front of your eyes.

Thats exactly what they are talking about. It will end up like social security, you know we pay in, they spend it on other stuff and now its bankrupt.

Seems like to me they are trying to save thier asses with the failed SSIplan by going arund the back door to the pension plans and creating another SSI plan, under a diff name. all the same. More GOV power.

@El_Tino Said

Mine was a statement of fact about how the stock market works. If you don't understand how it works, perhaps you shouldn't be investing in it, no?

@jonnythan Said

Say it with me, Alkaia:

"OK, it's possible I overreacted at this poorly-written, unsourced article's claims."

It's OK. Don't fight it, just accept your mistake and move on.

@LuckyCharms Said

So a woman petitioning a meeting is the same thing as "Obama going after your" retirement?


If we wanted to be equally poor we could work at Wal-Mart.

@Alkaia Said



ok maybe a little. I dont trust those sunsab****es at all.

they already killed me with obamacare so I got my eye on em

@jonnythan Said

There you go. Progress!

@Alkaia Said

Do I get a scrabble doodle noodle?