Obama Is Coming After Our Retirement Accounts

Back in February, FellowshipOfMinds was one of a very few to have a post on this, Obama Plans to Raid Your Retirement Accounts.”
Now, more than two months later, the GOP is finally protesting the Punk’s nefarious plan. But if the upcoming November elections fail to boot the Demonrats out of their majority control of Congress, all the GOP can do is protest.
You nitwits who voted for the Punk and Demonrats, how are you liking all the Hope and Change?
A big h/t to beloved FellowshipOfMinds member FS!
~Eowyn

Republicans Sound Alarm on Administration Plan to Seize 401(k)s

by Connie Hair – Human Events – May 4, 2010
In February, the White House released its “Annual Report on the Middle Class” containing new regulations favored by Big Labor including a bailout of critically underfunded union pension plans through “retirement security” options. The radical solution most favored by Big Labor is the seizure of private 401(k) plans for government disbursement — which lets them off the hook for their collapsing retirement scheme.  And, of course, the Obama administration is eager to accommodate their buddies.
Vice President Joe Biden floated the idea, called “Guaranteed Retirement Accounts” (GRAs), in the February “Middle Class” report. In conjunction with the report’s release, the Obama administration jointly issued through the Departments of Labor and Treasury a “Request for Information” regarding the “annuitization” of 401(k) plans through “Lifetime Income Options” in the form of a notice to the public of proposed issuance of rules and regulations. (pdf)
House Republican Leader John Boehner (Ohio) and a group of House Republicans are mounting an effort to fight back. 
The American people have become painfully aware over the past year that elections sometimes have calamitous consequences. Republicans lack the votes (for now) to reign in the Obama administration’s myriad nationalization plans for everything from health care to the automobile industry.
Now the backdoor bulls-eye is on your 401(k) plan and the trillions of dollars the government would control through seizure, regulation and federal disbursement of mandatory retirement accounts.
Boehner and the group are sounding the alarm, warning bureaucrats to keep their hands off of America’s private retirement plans. Just when you thought it was safe to come up for air after the government takeover of health care.
The entirety of the House GOP Savings Recovery Group letter outling the issue that was sent last night to the Labor and Treasury secretaries:

The Honorable Hilda L. Solis
Secretary
U.S. Department of Labor
200 Constitution Avenue, NW
Washington, DC  20210
The Honorable Timothy Geithner
Secretary
U.S. Department of the Treasury
1500 Pennsylvania Avenue, NW
Washington, DC  20210
Dear Secretaries Solis and Geithner:
As members of the Republican Savings Solutions Group, we write today to express our strong opposition to any proposal to eliminate or federalize private-sector defined contribution pension plans, such as 401(k)s, or impose burdensome new requirements upon the businesses, large and small, who choose to offer these plans to their employees.
In the Annual Report of the White House Task Force on the Middle Class, Vice President Biden discussed at length the creation of so-called “Guaranteed Retirement Accounts, (GRAs)” which would provide for protection from “inflation and market risk” and potentially “guarantee a specified real return above the rate of inflation” — presumably at taxpayer expense.  In the Report, the Vice President recommended “further study of these issues.”
The Vice President’s comments are troubling, insofar as they come on the heels of testimony before Congress from supporters of GRAs proposing to eliminate the favorable tax treatment currently afforded to 401(k) plans, and instead use those dollars to fund government-invested GRAs into which all employees would be required to contribute a portion of their salary — again, with a government subsidy.  These advocates would, essentially, dismantle the present private-sector 401(k) system, replacing it instead with a government-run investment plan, the size and scope of which remain to be seen.  This despite data showing that 90 percent of households have a favorable opinion of the existing 401(k)/IRA system.
In light of these facts, we write today to express our opposition in the strongest terms to any effort to “nationalize” the private 401(k) system, or any proposal that would dismantle or disfavor the private 401(k) system in favor of a government-run retirement security regime.
Similarly, and more recently, the Departments of Labor and Treasury have jointly issued a “Request for Information” regarding the “annuitization” of 401(k) plans through “Lifetime Income Options.”  While we appreciate the Departments’ seeking guidance and information from all parties and stakeholders in advance of regulatory activity, we strongly urge that the Departments not proceed with any regulation in this area before they have carefully and thoroughly considered all of the information received.
More specifically, we urge that the Departments take no action to mandate that plan sponsors — often, small businesses — include a “lifetime income” or “annuitization” option if they choose to offer a 401(k) plan to their employees, or that beneficiaries take some or all of their retirement savings in such an option.  Data shows that 70 percent of Americans oppose the concept of a mandated annuity or government payout of their 401(k) plan. On a more fundamental level, Congress should not be in the business of choosing “winners” and “losers” among retirement security stakeholders.  Instead, we urge the Departments to make it easier for employers to include retirement income solutions in their savings plans and to help workers learn more about the value of their retirement savings as a source of retirement income.  Finally, to the extent new mandates and bureaucratic red tape from Washington push small employers out of the business of offering these plans to their employees, we would submit such an effort weakens, rather than strengthens retirement security. 
We appreciate your consideration of our views in these important matters and stand ready to work with you and the Administration to promote secure and adequate retirement savings for all Americans. 
Sincerely,
House Republican Leader John Boehner (R-OH)
Rep. John Kline (R-MN)
Rep. Dave Camp (R-MI)
Rep. Sam Johnson (R-TX)
Rep. Dean Heller (R-NV)
Rep. Brett Guthrie (R-KY)
Rep. Michele Bachmann (R-MN)
Rep. Pat Tiberi (R-OH)
Rep. Bob Latta (R-OH)
Rep. Erik Paulsen (R-MN)
Rep. Lynn Jenkins (R-KS)
Rep. Ed Royce (R-CA)
Rep. Buck McKeon (R-CA)

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0 responses to “Obama Is Coming After Our Retirement Accounts

  1. I read an article about this some time back and warned my wife that Obama was working on taking Americas retirement monies and converting it all to a government handout for pennies on the dollar. She shrugged and questioned, “what else is new?”
    I do not see any way to stop this Bozo, but somewhere I have faith in people.

     
  2. Dave has spoken of this before if I recall. The Traitor has the Alinsky goal in sight- transform America thru redistribution of wealth. I pray this fool can be stopped in November!

     
  3. I have been warning about this for years.
    If the sheeple sit on their asses and let this happen, I will abandon all hope for our country.
    I expect this will happen before November, while they have the votes to force it through.
    The dems care more about their union goon friends than they do about America, and if we don’t run them all off soon, we aren’t going to have America anymore.
    -Dave

     
  4. Imagine the size of the riots when the Obama Regime nationalizes (confiscates) YOUR 401k/IRA Retirement Plan, so as to “spread the wealth” as Obama has always preached. Washington is out of money and the Democrats are eyeing our 15 trillion dollars (401k’s and IRA’s) held in government-backed institutions, hence, it’s ALREADY in their pocket. So now, the Dem’s are pushing for a complete takeover and want to offer GRA’s (Google: Guaranteed Retirement Accounts) instead of your IRA, because you’re too stupid to invest in your own future. There’s a great video put out by a guy who consistently sells out his classes (at $2,000/seat). He speaks of the Obama Regime confiscation of your 401k/IRA and provides a solution. View the (no cost) video here:
    http://www.ira401kprotection.com/?ref=A4GRBIHEoD9YYjfZ
    While we all watch Obama’s “right hand” take over the banks, Wall Street, insurance, auto companies, etc., his “left hand” is deftly moving to take your retirement funds…and spread the wealth! And he IS left-handed!!!

     

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