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Nationalized Retirement Accounts

 
Billxam

User ID: 19542178
United States
11/23/2012 05:04 AM

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Nationalized Retirement Accounts
I was going to use the headline from the initial article I found but after researching the subject this morning, I found so many articles I didn't know which one to use.

But I'm thinking that there is some meat to the story so I'm working on the research like a beaver chewing up a pine tree.

It starts with this article. "A recent hearing" depends on your definition of recent so I almost blew it off. But after the election, I'm a little bit more sensitive about news articles regardless of the source.

A recent hearing sponsored by the Treasury and Labor Departments marked the beginning of the Obama Administration’s effort to nationalize the nation’s pension system and to eliminate private retirement accounts including IRA’s and 401k plans, NSC is warning.

The hearing, held in the Labor Department’s main auditorium, was monitored by NSC staff and featured a line up of left-wing activists including one representative of the AFL-CIO who advocated for more government regulation over private retirement accounts and even the establishment of government-sponsored annuities that would take the place of 401k plans.

“This hearing was set up to explore why Americans are not saving as much for their retirement as they could,” explains National Seniors Council National Director Robert Crone, “However, it is clear that this is the first step towards a government takeover. It feels just like the beginning of the debate over health care and we all know how that ended up.”

A representative of the liberal Pension Rights Center, Rebecca Davis, testified that the government needs to get involved because 401k plans and IRAs are unfair to poor people. She demanded the Obama administration set up a “government-sponsored program administered by the PBGC (the governments’ Pension Benefit Guarantee Corporation).” She proclaimed that even “private annuities are problematic.”


[link to www.theminorityreportblog.com]
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Billxam (OP)

User ID: 19542178
United States
11/23/2012 05:07 AM

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Re: Nationalized Retirement Accounts
Well, seems like it was a real event at any rate. So I continue my searching expecting to find the usual round robin of links, linking to each other and the original being on something like "Before it's News".

However....this article at lewrockwell.com adds some fuel to the fire. The author is Jeff Berwick at [link to www.http:]

Here at TDV we have the unfortunate role of being the messenger—and you know what happens to the messenger. The monkeys in pants always jump on him, stones in hand, and try to bash his brains out for bringing them a little bit of reality.

In December, 2010, we penned a dispatch called “Americans Retirement Funds at Serious Risk” wherein we concluded by stating: “Keeping retirement funds inside of tax-sheltered accounts, which the US government will soon look to as the next source of funds to try to pay off its mountain of debt and keeping retirement funds in US dollar-based 'assets' is putting your retirement and future at great risk.”


So we can start putting a date to the "recent hearing" of 2010. Well, that's all well and good but speaking for myself, I've known that for some time.

This article continues:

In essence, the US Government is pushing to have all retirement funds nationalized to protect the poor people. But, before we get into some more details of how your IRA or 401k will be spirited away, let’s look at the basis upon which they are saying this is necessary.

THE BASIS FOR THEFT OF YOUR RETIREMENT FUNDS

According to the US Committee on Sickness, Indoctrination, Enslavement and Ponzi Schemes, or as they call themselves, the Department of Health, Education, Labor and Pensions, “...stagnant wages and rising costs are making it harder and harder to build up a nest egg through a retirement savings plan (e.g., a 401(k) or IRA) or otherwise.”


[link to lewrockwell.com]
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Billxam (OP)

User ID: 19542178
United States
11/23/2012 05:13 AM

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Re: Nationalized Retirement Accounts
The article at TDV was penned on 11/19/12 so it appears that the line of thought about this coming .... sorry, looming crisis is a new and upcoming totally made up issue brought to you by the "Center for extending the Coup in the U.S." or the White House for those of you who prefer to stay in the dark.

And so we come to the lynchpin of this particular line of thought that will probably be relegated to the 12th page of GLP because after all, nobody cares beforehand. Go figure.

It's from the United States Senate and is called "The Retirement Crisis and a Plan to Solve it" (via a made up crisis).

[link to www.harkin.senate.gov]

Last Edited by Billxam on 11/23/2012 05:22 AM
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Billxam (OP)

User ID: 19542178
United States
11/23/2012 05:21 AM

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Re: Nationalized Retirement Accounts
The PDF over at [link to www.harkin.senate.gov] has some very, very interesting although typical politico speak designed to do nothing more than assure that the made up crisis is well and truly turned into a hair pulling, arm flapping, wild eyed emergency of epic proportions.

The retirement crisis is directly attributable to the breakdown of the traditional “three-legged stool” of retirement security – pensions, savings, and Social Security. Defined benefit pension plans used to play an enormous role in providing a reliable source of retirement income, but the pension system has been in decline for decades. At the same time, stagnant wages and rising costs are making it harder and harder to build up a nest egg through a retirement savings plan (e.g., a 401(k) or IRA) or otherwise. Fortunately, Social Security is still strong, but it was always intended to be supplemented by other sources of retirement income.

Of course there is no mention of the cause of the stagnant wages and the rising costs, but whatever.

This next bit is the cherry on the top of the entire thing. They're going to call the nationalized retirement bullcrap thing - get this - Universal, Secure, and Adaptable (“USA”).

You simply can't make this up. And it's as predictable as a vegetarians' bowel movement.


I am committed to ensuring that middle class families have a secure retirement. That is why I have been holding a series of hearings in the Senate Committee on Health, Education, Labor, and Pensions to highlight the state of retirement security and better understand how we can improve the system. This report summarizes the key findings from those hearings and includes two bold proposals to address the retirement crisis. Specifically, I propose providing universal access to a new type of retirement plan – Universal, Secure, and Adaptable (“USA”) Retirement Funds – that can deliver real retirement security for all working Americans. I have also proposed improvements to Social Security that will increase benefits and make the program stronger for future generations.

Last Edited by Billxam on 11/23/2012 05:21 AM
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Billxam (OP)

User ID: 19542178
United States
11/23/2012 05:29 AM

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Re: Nationalized Retirement Accounts
Continuing the research, we go right on into the den of satan, the Department of Lack of Labor.

We find that back in Feb. of 2012 (that's earlier this year for those of you that are morans and will not read any of this)

Now this one is hysterical. One has to believe one of two things. First the basis of this thread is due to overblown and mis-understood information or this rule from 2/2/12 was the start of this effort to nationalize your 401k.

News Release

For Immediate Release: February 2, 2012
Contact: Jason Surbey or Mike Trupo
Phone: 202-693-4668/202-693-6588
Email: surbey.jason@dol.gov/trupo.michael2@dol.gov
Release Number: 11-1653-NAT
US Labor, Treasury Departments act to enhance retirement security for an America built to last
Executive actions increase transparency, broaden options for 401(k) savers

WASHINGTON – Following President Obama’s State of the Union address, in which he proposed a blueprint for an American economy built to last, the U.S. Departments of Labor and the Treasury today announced two executive actions designed to help enhance security for millions of Americans saving for retirement. The measures will expand transparency in the 401(k) plan marketplace and broaden the availability of retirement plan options so that Americans can maximize their ability to save responsibly and securely.

The U.S. Department of Labor’s Employee Benefits Security Administration issued a final rule that will provide employers sponsoring pension and 401(k) plans with information about the administrative and investment costs associated with providing such plans to their workers. The department also announced a 3-month extension in the effective date of this rule, meaning service providers must be in compliance by July 1, 2012, for new and existing contracts or arrangements between Employee Retirement Income Security Act-covered plans and service providers.

“As President Obama has said, we’re at a make or break moment for the middle class and those trying to reach it. What’s at stake is the American value that hard work pays off. The common-sense rule that we are finalizing today will shed light on the true costs of 401(k) accounts and ultimately reward those working hard and saving for retirement,” said Secretary of Labor Hilda L. Solis. “This rule, and its companion participant-level fee disclosure rule, will greatly increase the level of transparency in retirement plans. When businesses that sponsor retirement plans, and the workers who participate in those plans, get better information on associated fees and expenses, they’ll be able to shop around and make informed decisions that will lead to cost savings and a larger nest egg at retirement.”

The Treasury Department’s proposal will reduce regulatory burdens and make it easier for retirees to choose to receive their benefits as a stream of income in regular payments for as long as they live. These flexible “lifetime income” options can provide greater certainty in retirement and minimize the risk of retirees outliving or underutilizing their retirement savings.

“When American workers take the responsible step of saving for retirement, we should do all we can to provide them with sensible, accessible choices for managing their hard-earned savings. Having the ability to choose from expanded options will help retirees and their families achieve both greater value and security,” said Treasury Secretary Tim Geithner.

Together, the actions by both the Treasury and Labor Departments will expand available options and provide greater transparency to help working families successfully plan for retirement and manage their retirement savings. The Council of Economic Advisers has prepared a detailed report describing the significance of today’s actions, which can be accessed at www.whitehouse.gov/sites/default/files/cea_retirement_report_​01312012_final.pdf.

Reality Dysfunction has occurred. Please reboot reality.

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stormer

User ID: 26697102
South Africa
11/23/2012 05:32 AM

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Re: Nationalized Retirement Accounts
bump for retirementards!
Emancipate yourselves from mental slavery - Bob Marley
Billxam (OP)

User ID: 19542178
United States
11/23/2012 05:38 AM

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Re: Nationalized Retirement Accounts
BUT if you look at the latest or current news releases as the Department of Lack of Labor, just take a look at how many of them revolve around outstanding phrases like:

protect workers’ 401(k) assets

This is the list from the actual current news releases at the Department of Lack of Labor. It seems that there is indeed a growing crisis in America of 401k and retirement benefits. Oh, the horror of it all.

November

Solis v. Smart Technology Inc., et. al. Default judgment against Annandale, Va., company to protect workers’ 401(k) assets

October

Solis v. J.M. Singley & Associates Inc. Complaint filed against defunct Media, Pa., company to protect workers’ 401(k) assets

US Department of Labor files complaint to restore funds to Grand Craft LLC 401(k) Plan in Grand Rapids, Mich.

Judge appoints independent fiduciary to administer abandoned 401(k) profit sharing plan of Winer Industries Inc. in Paterson, N.J.

Judge orders fiduciary Ronald Bloomgren to restore more than $19,000 to the Earmold Design, Inc. 401(k) Savings Plan in Minneapolis, Minn.

US Department of Labor files suit to terminate Nutrition Clinic 401(k) Plan in Rockford, Ill., and provide funds to participants

Judge orders fiduciary to restore more than $6,300 to ECS Web Employees 401(k) Plan & Trust in Auburn Hills, Mich.

US Department of Labor files complaint to restore loss to T.S. Randall Company, LLC Retirement Savings Plan in Columbus, Ohio’s IRA Plan

Judge appoints AMI Benefit Plan to administer LFAC Inc. Profit Sharing 401(k) Plan and distribute assets to qualified participants

Judge order fiduciaries to restore funds to Accucast Technology 401(k) and Health Plan in Chesterton, Ind.

US Labor Department sues to recover losses suffered by participants in employee stock ownership plan of Calif.-based Sierra Aluminum • 12-1969-SAN

September

Employee Benefits Security Administration announces launch of 401(k) fee disclosure resource website

Judge orders A.B.D. Tank & Pump Co. to restore $2.7 million to worker retirement plan following US Labor Department investigation

US Department of Labor files complaint to restore losses to Spencer & Associates LLC Profit Sharing and 401(k) Plan in Springfield, Ohio

US Department of Labor investigation results in funds being restored to Family Mobile Medical Retirement Plan in Merrillville, Ind

US Labor Department sues to restore more than $34 million to 2 worker pension funds of Michigan-based vehicle parts manufacturer

Department of Labor files complaint against Dayton Imaging Solutions, Inc., to recover unremitted employee contributions to company’s IRA Plan

Reality Dysfunction has occurred. Please reboot reality.

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Billxam (OP)

User ID: 19542178
United States
11/23/2012 05:39 AM

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Re: Nationalized Retirement Accounts
bump for retirementards!
 Quoting: stormer


Thank you stormer
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Billxam (OP)

User ID: 19542178
United States
11/23/2012 05:44 AM

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Re: Nationalized Retirement Accounts
So as the research continues into this daft attempt at the continuation of the socialization of the United States - post coup of 2008 - we come to the real meat on the bones of it all.

The ERISA Advisory Council.

Section 512 of ERISA provides for the establishment of an Advisory Council on Employee Welfare and Pension Benefit Plans, known as the ERISA Advisory Council. The duties of the council are to advise the Secretary and submit recommendations regarding the Secretary's functions under ERISA.

And so it appears the that start of this thread, the premise that there is an effort afoot to nationalize our retirement accounts has an actual and real draconian "advisory council" whose page at the Department of Lack of Labor just teems with the paramecium of liberal policies. Or as I like to call them, the "whine and cry" meetings.

Working Group Meetings

The purpose of the working groups is to identify and define subject issues, to investigate, to take testimony from witnesses, and to submit a final or interim report of findings and recommendations to the council for approval.

The first meeting of the working groups is organizational in nature. A wide variety of witnesses are identified with a view to inviting them to testify before the working group. The approach and strategy designed to study the relevant issue is reported to the council for advise and consent. During the course of the council term, all working groups report their progress to the council. The council may offer input and guidance. Joint consultation among working group members and the chairs between meetings is encouraged.

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Billxam (OP)

User ID: 19542178
United States
11/23/2012 05:53 AM

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Re: Nationalized Retirement Accounts
Here is a report from the ERISA council, this publication is called
"Examining Income Replacement During Retirement in a Defined Contribution Plan System"

I have to be honest. While I see a ton of stuff about 401k this and retirement benefits that, I'm not finding any SPECIFIC wording, publications or articles about the actual nationalization of retirement plans.

So in the end, I dunno about the premise of the entire idea that they're trying to nationalize retirement plans. I am, however open to others opinions on the matter.




As our retirement system continues to trend toward expanding defined contribution plans (DC plans) and shrinking defined benefit plans (DB plans), a growing number of employees will be forced to rely increasingly on their accumulated account balances in DC plans to provide financial security during their retirement years.

As the number of employees in this situation continues to grow, these individuals will face important decisions regarding how to make their account balances last for a desired length of time, and in many cases, last throughout their retirement years, a period in life that is becoming increasingly longer due to improved longevity.


In the not-so-distant past, the challenge of providing retired employees with a source of income to last during their retirement was primarily met through employer-sponsored DB plans. However, with a continued shift from DB plans to DC plans as a primary source of retirement income, there is a growing need to examine alternate options designed to address participants’ retirement income needs, and more importantly, to assist participants in understanding how to translate their account balances into a steady stream of income that is continuous throughout their retirement years.

Reality Dysfunction has occurred. Please reboot reality.

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Billxam (OP)

User ID: 19542178
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11/23/2012 08:19 AM

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Re: Nationalized Retirement Accounts
bump
Reality Dysfunction has occurred. Please reboot reality.

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Alexander

User ID: 15635858
United States
11/23/2012 09:31 AM

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Re: Nationalized Retirement Accounts
Those who are pushing this are idiots. First, there is next to no interest earned in having money in a savings account (currenly around 1%). Whats the incentive for saving money in the bank. We'd be better off just hording gold coins. Next the cost of living has sky-rocketed and continues to mount. Just look at the cost of housing and energy to live. Ironically our 16 year old announced yesterday that she didn't think we should have to pay anything to live on the planet. I happen to agree with her. However, if the IRA accounts look threatened emptying them out to buy gold coins is the next step.
The truth is incontrovertible. Malice may attack it, ignorance may deride it, but in the end, there it is.
Winston Churchill
Anonymous Coward
User ID: 28008747
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11/23/2012 11:54 AM
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Re: Nationalized Retirement Accounts
Great research Billxam ...

I am always worried when Obama uses phrases like "the middle class and those trying to reach it" meaning everyone below middle class including illegal immigrants.

How can he provide government-supervised security to these people who don't even have documented income, but who are definitely in one or more of the "vulnerable populations" that he wants to protect?

Someone will have to pay for their government-supervised benefits, if such are provided to them. I don't want to, that wasn't part of the deal for me, nor the deal they accepted when they snuck across the border.

When there's smoke there's fire, look at the "consultations" and secret meetings that suddenly flared up into having Obamacare jammed into law. Thank you for focusing on facts.
Anonymous Coward
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04/10/2013 05:57 PM
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Re: Nationalized Retirement Accounts
5a

It seems to me like the government is trying to get more and more money from us. They take out so much taxes as it is and now they want more so they are dipping their fingers into our 401k's and retirement accounts. I am the type of person that doesn't sit very easy when it comes to stuff like this. I got a whole new retirement plan with [link to my401kspecialist.com] and they understand exactly what Obama is doing and what he has done and now I am able to have the good retirement that I dreamed of having. You have to be smart and know what you are doing now days. That's why I got set up with a retirement planning company.
GFX guy

User ID: 9776422
United States
04/10/2013 06:22 PM
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Re: Nationalized Retirement Accounts
Thanks OP! Very informative.
5*'s

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