Sound the Alarm: New Obama Regulations Will Push Private Retirement Savings Into Government Accounts

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Sound the Alarm: New Obama Regulations Will Push Private Retirement Savings Into Government Accounts

Katie Pavlich | Apr 08, 2016



If you thought Obamacare was terrifying, just wait until you read about what President Obama's regulatory agencies are planning to do with your retirement savings.

According to an alarming report in the Wall Street Journal, government regulators at the Labor Department will be implementing new rules at the end of the year that will eventually force private retirement investments into government accounts. How? By making private investment options, specifically IRAs, too burdensome, a liability and expensive. Bolding is mine.

President Obama’s regulators aren’t slowing down, alas. And on Wednesday they unveiled another part of their plan to push Americans out of private investment accounts and into government-run plans.

The Department of Labor says its so-called fiduciary rule will make financial advisers act in the best interests of clients. What Labor doesn’t say is that the rule carries such enormous potential legal liability and demands such a high standard of care that many advisers will shun non-affluent accounts.Middle-income investors may be forced to look elsewhere for financial advice even as Team Obama is enabling a raft of new government-run competitors for retirement savings. This is no coincidence.

Labor’s new rule will start biting in January as the President is leaving office. Under the rule, financial firms advising workers moving money out of company 401(k) plans into Individual Retirement Accounts will have to follow the new higher standards. But Labor has already proposed waivers from the federal Erisa law so new state-run retirement plans don’t have the same regulatory burden as private employers do.


Like Obamacare, which made providing private health insurance plans so expensive that major companies dumped employees into the government exchanges, these Obama administration regulations will make retirement savings through private sources so burdensome, it will force employees into government accounts.
Considering how the government has handled Social Security over the years, this is a terrifying scenario that will ultimately lead to 1) individuals saving less for retirement 2) the government raiding retirement accounts to pay for other programs 3) more government dependency.

Congress, call your offices.

http://townhall.com/tipsheet/katiepavlich/2016/04/08/whoa-new-government-regulations-will-push-private-retirement-into-government-accounts-n2145490
 

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Everything this Kenyan asshole does either weakens America and/or destroys liberty.
 

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Most financial products are awful. expense ratios, load funds, commissions for steering an investor into a fund or family of funds, etc

It's a weird business model, the people selling the products have to talk themselves into that they're adding value but there is empirical research that suggests they aren't.

But you gotta let people decide what to do with their money. A financial advisor isn't Bernie Madoff, his services are just mostly overpriced. If you start regulating every overpriced service then you're never going to stop.

Obama seems like he is going hard on the regulations down the stretch here.
 

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SOUND THE ALARM!!

lol.......the claims that da gubmint will be grabbing Americans' 401k money date back to the early aughts....first it was Sound The Alarm!! Bush/Cheney to grab your retirement dollars.....then in 2008 campaign it switched to If Obama Is Elected....yada yada

Come on, nephew...you promised us in early 2009 that the Birther Bombshell was "coming in six months....Mark (heh) My Words!!!!"

In any case, an alarm is better heard if published somewhere besides this graveyard with a couple dozen bored sports bettors reading

Fun Fact....Brit Wanker Superbeets has personally accounted for 58.765 1/2% of all PolyForum posts in the past 12 months.

Maybe he should Sound The Alarm to the world....Our Canadian Sheriff Joe C appears to be falling down on the job
 
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SOUND THE ALARM!!

lol.......the claims that da gubmint will be grabbing Americans' 401k money date back to the early aughts....first it was Sound The Alarm!! Bush/Cheney to grab your retirement dollars.....then in 2008 campaign it switched to If Obama Is Elected....yada yada

Come on, nephew...you promised us in early 2009 that the Birther Bombshell was "coming in six months....Mark (heh) My Words!!!!"

In any case, an alarm is better heard if published somewhere besides this graveyard with a couple dozen bored sports bettors reading

Fun Fact....Brit Wanker Superbeets has personally accounted for 58.765 1/2% of all PolyForum posts in the past 12 months.

Maybe he should Sound The Alarm to the world....Our Canadian Sheriff Joe C appears to be falling down on the job

How does abusing your "power" as a mod to release personal information about posters you don't like fit with your enlightened, everything's awesome bro persona?
 

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SOUND THE ALARM!!

lol.......the claims that da gubmint will be grabbing Americans' 401k money date back to the early aughts....first it was Sound The Alarm!! Bush/Cheney to grab your retirement dollars.....then in 2008 campaign it switched to If Obama Is Elected....yada yada

Come on, nephew...you promised us in early 2009 that the Birther Bombshell was "coming in six months....Mark (heh) My Words!!!!"

In any case, an alarm is better heard if published somewhere besides this graveyard with a couple dozen bored sports bettors reading

Fun Fact....Brit Wanker Superbeets has personally accounted for 58.765 1/2% of all PolyForum posts in the past 12 months.

Maybe he should Sound The Alarm to the world....Our Canadian Sheriff Joe C appears to be falling down on the job

I don't know if this is a continuation of a conversation that you guys have at the dinner table circa the holiday season, but in this thread he isn't saying that governments will confiscate 401k and IRA's. He is saying they will become harder to manage.
 

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SOUND THE ALARM!!

lol.......the claims that da gubmint will be grabbing Americans' 401k money date back to the early aughts....first it was Sound The Alarm!! Bush/Cheney to grab your retirement dollars.....then in 2008 campaign it switched to If Obama Is Elected....yada yada

You are a clueless simpleton. Which is one of the reasons you were fired from this place.

What average investors get out of this deal is much less certain. But judging by the pending California plan, one answer is: low returns. The initial investment allocation, even for young workers, is likely to be heavy on government bonds. Naturally.
California and other states are still working out the details of their new foray into investment management. Depending on how the plans are structured, they may be headed back to Washington to seek exemptions from the SEC. They won’t want to live with the rules that the commission places on private brokerages or mutual funds, but the SEC’s mandate is to protect investors, not politicians who want government to manage workers’ financial assets.

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I'm sure the guys at the Wall Street Journal are just making this all up.
 

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