Jan. 18, 2010, 12:02 PM
Obama seems to be planning to come after 401k plans now... folks this is going to end very badly for America and people are already angry...
Forcing the conversion of 401k plans into government funded annuities??????????
Forcing the conversion of 401k plans into government funded annuities??????????
Business Week Wrote:Source
The Obama administration is weighing how the government can encourage workers to turn their savings into guaranteed income streams following a collapse in retiree accounts when the stock market plunged.
The U.S. Treasury and Labor Departments will ask for public comment as soon as next week on ways to promote the conversion of 401(k) savings and Individual Retirement Accounts into annuities or other steady payment streams, according to Assistant Labor Secretary Phyllis C. Borzi and Deputy Assistant Treasury Secretary Mark Iwry, who are spearheading the effort.
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