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Author: NewEchota Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 1977275  
Subject: Obama's Secret Plan to Steal Your 401k Date: 2/7/2013 9:47 AM
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At least that's the latest conservative meme floating around these days. According to the enlightened folks over at CampFire, "the government wants to take over your 401K and run it like social security. They would take control over your savings with the promise that you would receive a paltry monthly pension upon retirement."

It's a lie, of course. And a whopper.

First, the Secure Choice Pension (SCP) has absolutely nothing to do with your current 401k or IRA.

In fact, it is a basic plan for the privatesector workforce that currently does not have access to a pension plan. It is not a replacement for existing pension plans in the public or private sector.

FactCheck felt it necessary to address this nonsense this past December. They first debunked it in 2008, noting at the time that the allegations were “a mishmash of unsupported conjecture, half-truths, logical fallacies and outright falsehoods.”

You'll find the current FactCheck debunking here:

http://www.factcheck.org/2012/12/no-government-401k-takeover...

Interestingly, the idea of an automatic IRA account was "originally developed in 2006 by David C. John, senior research fellow in retirement security and financial institutions at the conservative Heritage Foundation."

That sounds familiar. <cough> Obamacare </cough>

Conservatives are too funny. Seriously, just read what they've written on their "Just cuz you ain't paranoid...." thread on the topic:

It's "back to the USSR"

And DH wonders why I'm spending down my IRA.

THere's a trillion dollars in private savings in 401K/IRAs.....and the government would love to have it NOW.....all of it.....

Isn't it nauseating and infuriating at the same time (the thought) to be "allowed" to keep saved money and/or turn it over to the government.

Now they want our retirement savings.

Time for a civil war!

I reckon the good news is we won't have to worry about RMDs if the government takes our IRAs/401Ks.

Oh believe me, if they try and confiscate what I've worked a lifetime to earn, they will see a bloody civil war. It's legal to shoot thieves who try and take what doesn't belong to them.

So do the PA kooks support these GRA's? I'm guessing if 0bama is for them, they will, like the good brown shirt jackboots that they are, go along with it too. No lib thus far has weighed in on this thread. I'm guessing a few libs with heafty balances in their 401k's might not come out of the lib closet publicly to oppose them, but in private would probably write their congressman. When their nutty ideas start to effect THEM, they sing a different toon, as in loony.

Unless you keep all cash in your home, your nest egg is on deposit with some regulated entity who will simply be instructed to transfer your IRA/401k balance to the US Treasury. All done electronically.



That's enough... it's amazing to see how gullible and incurious people can be. Just a few minutes of Googling proves the whole idea of confiscating your retirement accounts is a big fat lie.

For those curious about SCP:

http://www.retirementsecurityforall.org/documents/whitepaper...
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