Not content with record-high government debt; mind-boggling spending; taking over the banking system, the automakers; and proposing a government single-payer healthcare takeover; the government wants more of your pension money:
Obama looking for retirement plan reforms
As part of the policy shift, the government will enable automatic enrollment in 401k plans for small-business employees, a policy that has previously applied to only larger employers.
Small-business employees can do that on their own right now through their own private accounts.
On second thought, what if the enrollment would become autamotic only if you invest in government bonds and government-issued instruments? Your financial future, as far as your pension goes, would be entirely dependent on the government.
“We know that automatic enrollment has made a big difference in participation rates by making it simpler for workers to save,” Obama said, “and that’s why we’re going to expand it to more people.”
Translate that into, “we are getting our fingers into more private accounts.”
Second, a checkbox will be added to tax forms letting Americans receive their tax refund as a savings bond.
So you get an IOU, instead of cash
A modification in labor policy will allow workers to transfer unused vacation days into their retirements plans.
You can do that now, by having your employer pay you.
Finally, the IRS will create a “plain-English” guide to help Americans understand their options for retirement savings.
The IRS, that paragon of transparency and streamlining, creating anything in “plain-English”?
That will be the day!
Not that it would happen here, but in Argentina ten bank-owned pension funds worth over $26 billion were taken over by the government, in an attempt to bolster its finances and prevent a second default in a decade.
Keep the government out of my pension.
Exit question: How will union benefits be affected, if at all?
This isn’t the first time Government thought of this. Bill Clinton wanted to invest pension funds in U.S. Infrastructure. In the end, probably like Government Bonds. No asset real growth.
This is another try.
Dreadful, and very threatening concept.