broke state & federal pension funds looking to go after...private 401k programs

[chad]

i've been bitching about and predicting this for years.

looks like they are finally gearing up for it. state and federal pension administrators now want to "offer pensions through a pooled system run through the bureau of asset management."

and don't worry, they will never borrow/spend from the "pooled system" and then replace the money with unmarketable bonds promised to be repaid later.

http://www.nytimes.com/2012/03/27/business/ideas-on-company-pensions-include-turning-to-states.html?_r=2&ref=business

::)

[Ares]

Why I quit contributing to my 401K when the market first started taking a hit and I was waking up to this financial scam. I'm still employed with the same employer so unfortunately what little funds I have in there are untouchable. But if I ever leave my first order of business will be to cash out my 401K and put what's left after the tax hit into precious metals.

[osoab]

Why I quit contributing to my 401K when the market first started taking a hit and I was waking up to this financial scam. I'm still employed with the same employer so unfortunately what little funds I have in there are untouchable. But if I ever leave my first order of business will be to cash out my 401K and put what's left after the tax hit into precious metals.

See if your boss will fire you then rehire you. Worth a shot.

[undgrd]

Why I quit contributing to my 401K when the market first started taking a hit and I was waking up to this financial scam. I'm still employed with the same employer so unfortunately what little funds I have in there are untouchable. But if I ever leave my first order of business will be to cash out my 401K and put what's left after the tax hit into precious metals.

Exact same situation I'm in.

[osoab]

My favorite quote.



At the heart of the proposal is something called a cash-balance pension, a hybrid that combines features of a 401(k) (http://topics.nytimes.com/your-money/retirement/401ks-and-similar-plans/index.html?inline=nyt-classifier) plan with those of a traditional pension plan. Workers can watch their benefits grow each year as an account balance, but the assets that secure the benefits are held in a pooled trust.

Why would companies want to pool with state govs? They can file bankruptcy and throw it all to the Pension Benefit Guaranty Corp.
Welcome to PBGC (http://www.google.com/url?sa=t&rct=j&q=pension%20guarantee&source=web&cd=1&sqi=2&ved=0CDEQFjAA&url=http%3A%2F%2Fwww.pbgc.gov%2F&ei=kdNxT7aoKIaFsAKHvfX9BQ&usg=AFQjCNF1G5DjNwASwtwfaah5nvj3zobSqQ&cad=rja)

[Ares]

My favorite quote.




Why would companies want to pool with state govs? They can file bankruptcy and throw it all to the Pension Benefit Guaranty Corp.
Welcome to PBGC (http://www.google.com/url?sa=t&rct=j&q=pension%20guarantee&source=web&cd=1&sqi=2&ved=0CDEQFjAA&url=http%3A%2F%2Fwww.pbgc.gov%2F&ei=kdNxT7aoKIaFsAKHvfX9BQ&usg=AFQjCNF1G5DjNwASwtwfaah5nvj3zobSqQ&cad=rja)

Yep, they get to offload their liabilities onto the oh so generous American Taxpayer (slave®).

[undgrd]

Not to worry. In lieu of actual currency, we'll be handing out coupons...now move along.

[Twisted Titan]

The wisdom of owning a bag of Mercury Dimes will soon be on display much sooner than most expect.