According to reports, the federal government is getting ready to take the 401(k) pensions of millions of American citizens. In turn, they will enforce a 5% payroll tax to help supplement the Social Security Administration as they get the authority to redistribute the seized pension funds. While the looting of public pension funds is not exactly new the fact that the pension funds are beginning to be redistributed is the scary part as the government gains unchecked powers.
The redistribution of these 401(k) pensions is being sold to Americans as being a ‘fair’ system to distribute these 401(k) funds to everyone through the seizing of money from those who have worked their whole lives to receive much deserved pensions. Many see this as a scheme by an out-of-control government looking anywhere and everywhere to fund their uncontrolled spending and greed. It’s said that these pensions will be redirected into what’s called Guaranteed Retirement Accounts wherein 401(k)s and IRAs will be taken and converted into GRAs that are managed by the Social Security Administration. The Guaranteed Retirement Account came about publicly in 2008 when one of its creators, Teresa Ghilarducci, when she testified in front of Congress calling for such confiscations of 401(k) funds. Now if you’re thinking you won’t be affected by this then i suggest you do your own research into this. This is the government’s way of getting their ‘foot in the door’ to seize and redistributed the private wealth of millions of more Americans. What will stop the government from seizing other private assets you own in the future once something like this is enacted. The truth is that nothing will stop the government from taking the next step if we’re not paying attention.