Tuesday, September 14, 2010

Retirement 401 K Funds - #2135 - Retirement Fund Trillions Lure Government Grabbers - American Thinker

Is the government making plans to confiscate your retirement money? The Obama administration is certainly exploring the idea......According to the Investment Company Institute, there was $7.835 trillion in IRA, 401K, 457, and 403b accounts in 2009. That is certainly too large a sum to be ignored by the big spending social engineers in Washington. Bureaucrats and politicians have been hard at work formulating a social justice excuse to legislate an historic seizure of private assets. This would not be the first time the statists extorted wealth from U.S. citizens on a massive scale........In February, the U.S. Department of Labor's Employee Benefits Security Administration (EBSA), in collaboration with the Department of Treasury, announced a "request for information" to study the Lifetime Income Options for Retirement Plans and asked "for ideas on how to help reduce the chances that workers will run out of funds during their retirement years."
In other words, the government intends to convince Americans that the abrupt seizure of trillions of dollars in defined contribution retirement accounts in exchange for token government payments is for their own protection and benefit. Argentina confiscated private pensions in 2008 in what is accurately described as a cash grab.  Will Americans and their representatives capitulate and surrender their fortunes as well? The next joint hearing for discussing this issue will held September 14 and 15, today and tomorrow. Read more............ A live webcast of the hearing will be available on EBSA's website at:  U.S. Department of Labor........  It is now 2:30 P.M. and this hearing is presently being broadcast live, please listen....

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