Postscript to the $6 Trillion 401K Grab

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Davos's picture
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Postscript to the $6 Trillion 401K Grab

Yesterday's write was tossed together in haste and here are some more thoughts on the 401K confiscation front.

The comments people made really underscored how upsetting this is.

Link to FSN article.

With a GRA, workers could bequeath only half of their account balances to their heirs

And a sampling of some comments made to the Dept. of Labor. 


“Coming from a host of ridiculous decisions from an administration and Fed set on "trying ideas", this is a recipe for civil unrest. If I wanted socialism I'd move to Cuba, thank you very much. If my elected government aims to control my money I will completely remove any and all investments from the market and transfer my wealth to gold. Tom”

“How about keep your thieving mitts off? D.”

“Please stay the heck away from my 401k. You clowns have jacked with enough stuff, you've earned the break and, frankly, the rest of us deserve you taking a break. The longer the better. Kindest Regards, David”

“Any attempt by the Fed government to impose or even start on the process of imposing any type of nationalization of my 401K plan will result in my immediate termination and withdrawal of the funds from the account. My personal investment accounts are exactly that – MINE. I demand the continued right to control the direction of these investments. The concept of forcing via regulation my participation in anything other than what I originally intended when opening the account is an unconstitutional attack on my personal liberties. Fund your massive deficits through some other ruse and keep your hands off my 401k.


“Are you crazy???? Why would I want the US government anywhere near my 401K of which I contributed the maximum amount? The government has failed in every business in which it has stuck it's head: Social Security, Medicare, Head Start, and now the unwanted Health Care.

“I respectfully submit a "NO vote" for myself and my wife for this patently unconstitutional theft of the trillions of dollars that are held by hard-working Americans in order to prop up the debacle of Wall Street bailouts, Federal profligacy and patent illegality, no matter how it is presented.

This potential legislation is nothing but government sanctioned robbery."13. Should some form of lifetime income distribution option be required for defined contribution plans (in addition to money purchase pension plans)? If so, should that option be the default distribution option, and should it apply to the entire account balance? To what extent would such a requirement encourage or discourage plan sponsorship?" Gerald”



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