401K plans are at risk even under the current Congress with a much more risky Congress possibly being elected on November 4, 2008 and pushing forward this radical agenda without opposition.
They're coming for your 401(k). Congressional Democrats want to end their tax deductibility, take it away, and control it.
» WSJ: Eyeing Your Pension -- Are 401(k)s Safe from Congressional Democrats?
Eyeing Your Pension
Are 401(k)s safe from congressional Democrats?
If you have a 401(k) or equivalent retirement plan, you've probably been watching nervously the past few weeks as your nest egg has shrunken owing to the current turmoil in the markets.
Well, it could be worse. But don't take heart, for what we mean is it could get worse. The market turmoil has some politicians on Capitol Hill eyeing the end of the 401(k) as we know it. Workforce Management reports on a hearing of the House Education and Labor Committee earlier this month:
A plan by Teresa Ghilarducci, professor of economic-policy analysis at the New School for Social Research in New York, contains elements that are being considered. .
Read more here: Best of the Web Today - WSJ.com
;)
;)
The most ludicrous thing I've ever heard. Just what this country needs...MORE SOCIALISM!!
Will it ever end? It's not bad enough that we MUST pay in to the Social Security, now they want our 401K too?! Give me a break. The good ole US of A, the "Land of the Free"; what happened to it? Where did it go? Can we change it back?