[…] Like Obamacare, the idea is to drive small- and mid-size service providers out of the retirement business by ensuring that the costs of complying with regulations are unaffordable. And, to ensure a Republican president can’t easily unwind the Rube Goldberg machinery, the Labor Department has also promised an impossible eight month implementation timeline. Most providers believe it will take three years to follow all of the byzantine rules and regulations. more @ DougRoss.
My neighbor wants to move next year. She has a 401k at work and wants to get some money out for a down payment. When she signed up for the 401k they told her that would be no problem.
She checked with her HR department about getting the paperwork started and they told her she can’t do it. She raised a stink and finally they told her that the Federal Government is the largest stakeholder in the organization they work with for the 401k. According to that organization, the feds won’t let the employees have their own money until they no longer work for their company.
Why the hell is the federal government a stakeholder in any private company?
Buy gold, put it in an empty mayo jar, and bury it in the backyard.
“Why the hell is the federal government a stakeholder in any private company? ”
That
My dear Claudia, is what we call Fascism.
(But I knew you already knew that.) 🙂
Just waiting to die — and this will prolly kill me.
Next.
Yeah, I just had to write that or bust my spleen.
I asked her what she is going to do – she’s already looking for another job so she can quit. She will get her money for the down payment and use the rest to buy gold.
Between this and Obamacare stripping funds out of Medicare, baby boomers are so hosed. The government will be sending us to the “happy death” camp for a Kevorkian cocktail when the money runs out.
I already figure I will never be able to retire. The SS funds I’ve contributed over my 40 year (so far) career will be non-existent. I’ll have to work until I die at my desk.
Well, crap. Now I’m depressed. 🙂
Obama is the gift that keeps on taking.
I went to Hobby Lobby and bought some gold glitter, which I’ve been gluing onto pennies. I figure they’ll fool the poor saps being indoctrinated now through the “education” system.
Now I know how Hillary Clinton feels!
Top o’the World, Ma!
The real problem here is that Obama and the Democrats along with the Feds really, really like your 401(k) so much so that they’re setting up the process to seize it and roll it over into some sort of pyramid government pension scheme because they desperately need the money having realized that they can’t keep pumping money into the markets through these QE scams. If someone opens up the SS box they’re going to find piles of low or no interest loans made to different levels of government and piles of T-Bills.
But he has good intentions, ask just about any member of the political class.
The best and simplest solution: next president and Congress gets rid of the “department of labor”, problem gone forever.
The NSDAP attached all retirement accounts, forcing them to purchase a certain percentage of gov’t bonds and bills, and those were of limited interest. Any return over 8% was confiscated by the state.
As the FedGov is using the NSDAP as their paradigm, we can pretty much guess that that will be their MO: Demand that every retirement account (except appointed and elected officials) “purchase” a certain percentage of the account in T-Bills or T-Bonds, severely tax or confiscate returns higher than “allowed,” and subject to seizure.
Sound far fetched?
So did 11 million illegal invading rat-people, 30 years ago.
So did a drug-addled, homosexual, marxist moslem traitor in the white house, 30 years ago.
So did murdering Ambassadors with impunity, 30 years ago.