Democrats want to do away with 401k plans? - 10/28/08
Have any of you heard about this? I heard Rush Limbaugh talking about this tonight on Fox News, so I did a little research and found numerous sites about this. Here is one on them.
http://www.gopusa.com/theloft/?p=814
Seems the Dems are looking into a plan that would buy out your transfer your 401ks with government created guaranteed retirement accounts (GRAs) for every worker. The government would then deposit $600 every year into the GRAs. Each worker would have to save 5% of pay into the accounts, to which the gov would pay 3% return.
This would take away any tax free benefits for you and the companies that now give 401k matching.
I would think doing away with 401ks would kill the stock market even further, thus causing severe hardships on many companies that many people rely on for their lively hoods. How stupid can they be?
This is some scary sh!!t
http:/
Seems the Dems are looking into a plan that would buy out your transfer your 401ks with government created guaranteed retirement accounts (GRAs) for every worker. The government would then deposit $600 every year into the GRAs. Each worker would have to save 5% of pay into the accounts, to which the gov would pay 3% return.
This would take away any tax free benefits for you and the companies that now give 401k matching.
I would think doing away with 401ks would kill the stock market even further, thus causing severe hardships on many companies that many people rely on for their lively hoods. How stupid can they be?
This is some scary sh!!t