"These things have I spoken unto you, that my joy might remain in you, and that your joy might be full", John 15:11.
Is the Federal Government planning a takeover of your retirement plan?
This concept is currently under discussion by Democrats in the U.S. House. This plan would confiscate all workers' personal retirement accounts --- including all 401(k)s and IRAs---and convert them into accounts to be managed by the Social Security Administration.
A similar plan, a 15% levy of all retirement plans, surfaced during the early years of the Clinton administration.
The 2010 version is a spinoff of congressional hearings that were conducted in November 2008. In those hearings, Teresa Ghilarducci, professor of economic policy analysis at the New School for Social Research in New York, drew the most attention and criticism. Testifying for the House Committee on Education and Labor, Ghilarducci proposed that the government eliminate tax breaks for 401(k) and similar retirement accounts, such as IRAs, and confiscate workers’ retirement plan accounts and convert them to universal Guaranteed Retirement Accounts (GRAs) managed by the Social Security Administration.
Unfortunately, this option is again being discussed (January2010,) as a viable alternative to allowing you, the consumer, contributor, and owner of your personal retirement plan to control the plan you now own. Will this plan become a reality one day? Who knows, and who can say for sure? However, it is upsetting that anyone would lend credence to such a plan to take over an American citizens’ personal retirement account! But this shouldn't be such a great surprise in light of the fact that congress was one vote away from nationalizing America's entire healthcare system. Thanks, Scott Brown and the citizens of Massachusetts.
What can you do to protect your retirement accounts? Be vigilant and stay informed. SPEAK OUT! Since the government is again considering the very possibility of confiscating your retirement accounts you owe it to yourself to speak out. Call, email, fax, or write all of your congressmen. Encourage all of your friends to do the same. This idea will not be in the best interest of the vast majority of Americans.
Consider how congress has mismanaged the Social Security program. It has become nothing more than a “pass through” account, where the monies coming in are simply reprocessed and sent out as monthly payments to recipients. Congress has long-since spent all of Social Security’s assets on other projects and programs. Why would anyone think congressional confiscation of retirement accounts would be successful by anyone’s standard of measurment? Plus, you earned the monies in your retirement accounts and they belong to you. You, and you alone, have the right to decide how you will use your funds.
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