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20 Responses to “Hold on to your 401(k)…if you can.”

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1. 16
   lse031 Says:
   November 16th, 2008 at 4:56 pm

   I sent eMails to two reps/senators and a letter to one senator (John Warner who does not take eMails and to Roy Blunt (whip–acting on behalf of republicans thereby representing all of us no matter where we reside, and the same for Eric Cantor who got a voicemail message because he has not eMail on his site that I can find.

   No tax increase to the middle class–he shouted as he ran through the country. We (people like me) explained the truth but you did not listen. We showed you where to see what Congress is really doing before you voted–but you did not read–you laughed at others and me.

   This proposal is the outcome of putting your/our head(s) in the sand and ignoring the pre-election warnings. Let us stop this before it becomes a reality.

   Please take time today and (politely) let everyone in the house and senate that you oppose the government coming into our bank accounts and taking our money to redistribute it as they see fit and to whom they see fit.

   Thank you all.

   I am just astounded at this idea getting so far along…are they taking just money or property and how much–from whom????

   I am truly angry. Thank you for getting the facts out.

2. 17
   martron3000 Says:
   November 16th, 2008 at 7:38 pm

   This sounds like just another way for the government to grab more of peoples’ hard-earned money so they can then turn it over to their crooked, overpaid corporate cronies and bankers. I don’t even have a 401(k) plan, but can see this a terrible idea.

3. 18
   PerotCharts Says:
   November 17th, 2008 at 4:05 pm

   Response to Mr. Mike Kruger from the House Education and Labor Committee. (See Comment 13 below.)

   We appreciate your response to the posting about the testimony of Prof. Ghilarducci to the House Education and Labor Committee. We agree with two of the points that you make concerning 401(k) plans: (1) we, too, support any proposals that would disclose hidden fees associated with the retirement plans of individuals; and (2) certainly, it makes perfect sense to suspend the unfair tax penalty for seniors who don’t take a minimum withdrawal from their depleted retirement accounts. In addition, we also agree with all of your suggestions for improvements to 401(k) plans mentioned in your website at http://edlabor.house.gov/issues/strengthening401ks.shtml.

   Our apprehension about the future of 401(k) plans stems from several reports that were most likely fostered by this article in “Investment News” http://www.investmentnews.com/apps/pbcs.dll/article?AID=/20081012/REG/310139971.
   In addition to the passages already mentioned in the original post, the article also contained the following information:
   “I want to spend our nation’s dollar for retirement security better. Everybody would now be covered” if the plan were adopted, Ms. Ghilarducci said. [Question: Exactly what is “our nation’s dollar for retirement”?]
   She has been in contact with Mr. Miller and Mr. McDermott about her plan, and they are interested in pursuing it, she said.
   “This [plan] is certainly intriguing,” said Mike DeCesare, press secretary for Mr. McDermott.
   ‘This is part of the discursion,” he said.
   While Mr. Miller stopped short of calling for Ms. Ghilarducci’s plan at the hearing last week, he was clearly against continuing tax breaks as they currently exist.

   To us, the proposal looks like and sounds like yet another entitlement program.
   If, in fact, the author of the article in Investment News misinterpreted Rep. Miller’s and Rep. McDermott’s views about the future of the taxation of 401(k) plans, please let us know.

   Editor

   PerotCharts.com

4. 19
   EdLaborDemocrats Says:
   November 18th, 2008 at 2:36 pm

   Response to PerotCharts (and all who are following this story)

   Investment News totally misrepresented Chairman Miller’s views and position on the taxation of 401(k) plans. Chairman Miller does not support ‘abolishing’ 401(k)s, moving these plans, or changing their tax status, plain and simple.

   Mike Kruger
   House Education and Labor Committee

5. 20
   mclockhart Says:
   December 29th, 2008 at 1:48 pm

   Anyone who believes you can eliminate the 401(K) or SEP retirement plans is a mental midget. It would destroy the financial markets and have people more reliant on a government that no one should trust. Had we had good, responsible leadership the last 16 years, it is highly likely that the problems we are seeing today would never have happened. It would be a different world, but the problems of “extreme” would have never been born.

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