Obama Aministration wants Your 401 (k)
5-5-2010Categorized in: EconomicsThere have been rumblings from the Obama Administration regarding efforts to create "Guaranteed Retirement Accounts" and impose new government mandates which would undermine 401(k) retirement savings plans and jeopardize employers’ willingness to continue offering them to their workers.
Human Events reports that Vice President Biden mentioned this idea in February as part of the White House's "Annual Report on the Middle Class." They also report that "in conjunction with the report’s release, the Obama administration jointly issued through the Departments of Labor and Treasury a 'Request for Information' regarding the 'annuitization' of 401(k) plans through 'Lifetime Income Options' in the form of a notice to the public of proposed issuance of rules and regulations."
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Source: http://thehill.com/blogs/congress-blog/economy-a-budget/95849-hands-off-our-retirement-savings-rep-michele-bachmann
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