Feds seize retiree pensions to fund U.S. Government

[rambone]

With the U.S. Debt Ceiling reached, Treasury Secretary Timothy Geithner is spending federal retiree pension money in order to keep the failing U.S. Government operational.

How long before private pensions enter their sights?



Treasury to tap pensions to help fund government

The measure won’t have an impact on retirees because the Treasury is legally required to reimburse the program.

Good one!

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[hornadylnl]

Things like this make me not want to repay my 401k loan. It's not a matter of "if" this stuff will happen, it's "when".

 

[edporch]

They'll just probably stick a bunch of IOU's in these pension funds and let somebody in the future worry about paying it back when the recipients begin retiring and want their money.
Just like they've done with Social Security.

 

[Liberty Sanders]

They embezzled the funds from social security years ago and left nothing but paper behind.

Sooner or later they WILL attempt to seize private retirement accounts. It's only a matter of time. There will simply be nowhere else to get the money.

 

[Paco Bedejo]

My boss was making fun of me a few weeks ago because I refuse to participate in our 401k...

 

[ViperJock]

At one time, Social security was a voluntary personal retirement fund. Much like the 401k. Only time will tell, I know where I place my bets.

 

[Stschil]

They'll just probably stick a bunch of IOU's in these pension funds and let somebody in the future worry about paying it back when the recipients begin retiring and want their money.
Just like they've done with Social Security.

Even worse than that. The plan on the table at present is to pass a law requireing all IRA and 401K to transfer all investments to Treasury Bonds.
This will monetize more debt and Uncle Sammy gets more money for nothing. Conversely, the accountholder gets nothing for the money.
This is why I cashed in all my 401K's just recently. I'd rather have it stuffed in a mattress, buried in mason jars, or converted to Ammo and Silver before I let those bastiches make me buy worthless T-bills.

 

[96firephoenix]

a mason jar is a lot tougher for the feds to take than a bank account.

 

[TiminMishawaka]

This is a scare tactic to scare the public into thinking that they NEEED NEEED NEEEEEED to raise the debt ceiling TODAY!!!!!! Or the WORLD WILL END!!!!!!!!

 

[Stschil]

This is a scare tactic to scare the public into thinking that they NEEED NEEED NEEEEEED to raise the debt ceiling TODAY!!!!!! Or the WORLD WILL END!!!!!!!!

This is a way to get money without printing it. It will continue even if the debt celing is raised. Once the gubermint gets its hands on a revenue stream, it NEVER goes without it again.

 

[Lucas156]

this is ugly. I put a lot of money into my 401k yearly. Really makes me think

 

[CarmelHP]

Expect the IRS to go into a vicious overdrive the likes of which has not been seen in 30 years in order to scrape up revenue.

 

[Kirk Freeman]

Geez, thanks a lot, Mr. Cheerful.

 

[booey50]

This is a scare tactic to scare the public into thinking that they NEEED NEEED NEEEEEED to raise the debt ceiling TODAY!!!!!! Or the WORLD WILL END!!!!!!!!

And yet you have the RINO speaker of the house saying we need to raise the debt ceiling also...How long will we continue looking for a difference between the two political parties?

THERE IS NONE...

 

[dross]

This article isn't about 401Ks or private pensions, it's about pensions for federal workers.

 

[dross]

Expect the IRS to go into a vicious overdrive the likes of which has not been seen in 30 years in order to scrape up revenue.

They may just spin their wheels. My understanding is that compliance is higher than ever, making the resources they spend on investigations less fruitful than it was in the past.

What I think we'll see is new interpretations of old rules to increase revenue.

 

[Bunnykid68]

At one time, Social security was a voluntary personal retirement fund. Much like the 401k. Only time will tell, I know where I place my bets.

Social Security is still a voluntary program. People now just get signed up by their parents so they may get a deduction on their tax return. Social Security is a completely voluntary form to fill out.

 

[Lucas156]

So if I don't pay it nothing will happen to me?

Social Security is still a voluntary program. People now just get signed up by their parents so they may get a deduction on their tax return. Social Security is a completely voluntary form to fill out.

 

[firehawk1]

But little Timmy said the "government" will make it whole AS SOON as the debt ceiling is raised. ie, print more Monoply money.

I'm beginning to think about where the point is that it might be worth paying the 10% penelty and cashing out of my 401k before it's all gone. I'd rather have a lumpy mattress than let Uncle Sam take it and give me worthless T-bills.

 

[edsinger]

This article isn't about 401Ks or private pensions, it's about pensions for federal workers.

Plus they have done this already like 4 times, the longest was in 1994.

Its not new.