Govt Claims 401(k)s Through “Office of Older Americans?” – Senate Hearings Already Held: National Retirement Accounts

Graphic Courtesy of New York Post, April 12, 2012Maggie’s Notebook

I’ve written about this twice, first in January 2011, and again on February 4th, 2013. When Bloomberg News reports the government is “weighing” a role in “helping Americans manage” their 401(k)s and when that government arm, The US Consumer Financial Protection Bureau, says it is “exploring and are interested in terms of whether and what authority we have,” it’s reason to pay attention. The following is from Rush Limbaugh today, and following his statement are other confirming information and links:

…from Bloomberg News: “The US Consumer Financial Protection Bureau is weighing whether it should take on a role in helping Americans manage the $19.4 trillion they have put into retirement savings, a move that would be the agency’s first foray into consumer investments. ‘That’s one of the things we’ve been exploring and are interested in in terms of whether and what authority we have,’ bureau director Richard Cordray said in an interview.

“He didn’t provide additional details. The bureau’s core concern is that many Americans, notably those from the retiring Baby Boom generation, may fall prey to financial scams, according to three people briefed on the CFPB’s deliberations who asked not to be named because the matter is still under discussion…

This Consumer Bureau set up by Dodd-Frank wants to claim jurisdiction over 401(k)s. “The bureau could claim jurisdiction through its Office for Older Americans…” There actually is a bureaucracy called that, the Office for Older Americans, “which was established by Dodd-Frank with a mandate to improve financial literacy. It is run by Hubert H. Humphrey III,” ranking member of the ruling class, “the former attorney general of Minnesota,” and the son of the former Democrat presidential candidate. Source: Rush Limbaugh

The Senate held RECESS hearings in October 2010 – only Senators Harkin (D-IA) and Socialist Bernie Sanders (D_VT) were in attendance, representing the Senate Committee on Health, Education, Labor, and Pensions. First up to testify before Harkin and Sanders was a Ross Eisenbrey, the Vice President of the Economic Policy Institute (EPI), which “is housed on the third floor of the building occupied by the George Soros-funded Center for American Progress.”

Democrats in the Senate on Thursday held a recess hearing covering a taxpayer bailout of union pensions and a plan to seize private 401(k) plans to more “fairly” distribute taxpayer-funded pensions to everyone.

Sen. Tom Harkin (D-Iowa), Chairman of the Health, Education, Labor and Pensions (HELP) Committee heard from hand-picked witnesses advocating the infamous “Guaranteed Retirement Account” (GRA) authored by Theresa Guilarducci… (You can find the blistering interview with Guilarducci by radio talk show host Mark Levin in 2007 at the link).

In a nutshell, under the GRA system government would seize private 401(k) accounts, setting up an additional 5% mandatory payroll tax to dole out a “fair” pension to everyone using that confiscated money coupled with the mandated contributions.  This would, of course, be a sister government ponzi scheme working in tandem with Social Security, the primary purpose being to give big government politicians additional taxpayer funds to raid to pay for their out-of-control spending. Read the entire story at Human Events, 10/8/2010 – with testimony you will want to know about.

As I discussed earlier this month, part of this is about bailing out union pensions with your retirement.

Brett McMahon, spokesman for the Associated Builders and Contractors (ABC), a trade association, warns this hearing exposed part of a process that may come as early as the November lame duck push to bailout union pensions by attaching the bailout to an across-the-board extension of the current tax rates.

“I am deeply concerned that they will try to attach something like the Casey bill or the Casey bill in and of itself to tax cut extensions bill that is inevitably going to have to be dealt with at some point during the lame duck session,” McMahon told HUMAN EVENTS.

As reported in HUMAN EVENTS the Casey bill from Sen. Bob Casey (D-Penn.) is a new entitlement program that would set up a permanent bailout of the union multi-employer pension plans that are desperately underwater through a new “fifth fund” at the government Pension Benefit Guaranty Corporation (PBGC).  Casey’s bill would create a line item on the federal budget through the PBGC to fund these union pension bailouts annually — union pensions that are underwater as a result of mismanagement that pre-dates the 2008 financial upheaval. Source: Visit the Human Events link above

Also from the Human Events article linked above:

Shareen Miller, a personal care assistant and a member of the Service Employees International Union (SEIU) Local Number 5 in Falls Church, Virginia, offered testimony about the need for wealth redistribution to fund her pension.

“I make $12 an hour and receive no healthcare benefits, retirement benefits, sick time or vacation,” the SEIU union member said.

Which begs the question: why is she paying union dues?  Not exactly a sterling recommendation for SEIU membership.

IBD November 28, 2012

ZeroHedge January 2010 quoting Rick Santelli:

This “proposal” can only mean one thing – Treasury smells smoke. Maybe you should pay attention to what they’re huffing! And before you say “oh they’d never do that” I want you to read this:

“Here is a warning to us all. The Argentine state is taking control of the country’s privately-managed pension funds in a drastic move to raise cash.

ZeroHedge updated on February 2, 2013:

The obvious concept is that when the government runs out of money, or they face a drying up in interest for its debt, they will come for the $19.4 trillion in American’s retirement accounts.  It seems that day may be finally drawing near.

As I said in my February 2013 article,

Cristina Fernández de Kirchner, the first elected female President of Argentina, could be Barack Obama’s twin sister any day of the week (and I’m not speaking of skin color).

Barack Obama, Argentina President Cristina Fernandez de Kirchner

Barack Obama, Argentina President Cristina Fernandez de Kirchner

She is a good match for Obama’s narcissism and lust for power. (Obama hugging Marxist power-monger who grabbed pensions!)

…is once again ready to face a rather disastrous domestic situation, with a severe economic crisis, galloping inflation and a widening unemployment. Source: Vogue

Madam Kirchner’s husband preceded her in the presidency. (See, it does happen).

When public comment has already been asked for, something is brewing, and it doesn’t matter what we want. They pander and then ignore us. I cannot find the comments, but did find one on a .gov website. We can see that the Senate found this matter worthy of their time. It’s coming. Read about the seized pensions in France, Hungary, Argentina, Ireland, Poland, and Bulgaria.

From The Lonely Conservative, November 30, 2012 (read her full commentary here): (and today’s updated post here)

Notice both TIME Magazine and The Atlantic are calling the 401(k) tax deduction now a subsidy.  It’s a government subsidy.  That’s important because that means it’s the government’s money.  You didn’t earn it, the government allowed you to have it, and  calling it a “subsidy” is a dog whistle term for people.  “Why are we subsidizing the rich?” is the shout from middle America and central California.  “Why are we subsidizing the rich, Mabel?”  So a tax deduction is now a subsidy. Source: Rush Limbaugh – Details: The Plan to Steal Your  401(k)

On January 1, 2013, Investment News reported on the fiscal legislation passed on New Year’s Day – another way to con the unthinking invester:

The Senate approved an agreement by an overwhelming bipartisan margin at 2:07 a.m. on New Year’s Day that would avert the so-called fiscal cliff in part by encouraging investors to roll over 401(k) plans into Roth versions of those accounts….

The retirement-savings provision was included as a way to help pay for a two-month delay in about $110 billion of domestic spending cuts slated to go into effect on Jan. 1. The offset also involved other spending cuts.

Currently, 401(k) plan participants can only roll their money into a Roth 401(k) after three qualifying events: changing jobs, retirement, or reaching age 59 and 1/2. But under the Senate plan, workers with 401(k)s, 403(b)s and similar defined contribution plans would be able to convert to a Roth 401(k) designated in their benefit plan at any time. Lawmakers believe that easing restrictions on the conversions will produce federal funds because participants must pay tax on the money when they put it into the plan. Disbursements paid during their retirement years are made tax-free.

Don’t take your eye off how powerfully attractive bailing out union pensions is to Democrats. Their give-aways are the only thing keeping them in office, and they have won on everything in the past. You and I have lost. Put nothing past them.

3 thoughts on “Govt Claims 401(k)s Through “Office of Older Americans?” – Senate Hearings Already Held: National Retirement Accounts

  1. We already have a national retirement account. It’s called social security. If the government can’t manage SS, why do they think they can manage IRA’s and 401(k)’s? I know they’re only after the money to give to the banksters. When is enough going to be enough? Get ready to bend over and spread ’em….. again. Maybe this time they’ll use a little KY?

  2. I’ve been telling everyone I know to get their money out of the banks, credit unions, CDs AND 401Ks.

    I don’t want to hear ANY bitchin’ and moanin’ from those who don’t, once the so-called ‘government’ steals it from them.

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