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Author Topic: 'Voluntary' Auto-Enrolled Annuity Scam...  (Read 483 times)
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WhiskeyGirl
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« on: January 31, 2013, 12:42:14 PM »

Recently, I've been reading about a new supplement to Social Security being pushed by some big name pension experts tied to unions.  Instead of a GSA 'Government Savings Account' it's the Auto Enrolled Government Annuity run by private parties under government supervision, or some such.  Sometimes, it's run by the government.

What happened to the Social Security 'trust' fund?  The might lock box?

What happened to 401k's and other investments when high rollers were making investments in junk bonds and mortgage backed securities?  They failed.  I recall lawsuits because some trustees invested in 'safe' investments instead of the high return, high roller choices...

A story from the UK -

Quote
FSA launches pension annuity probe

An investigation into the £11bn annuity market has been launched by the City watchdog amid concerns British pensioners are getting a poor deal in exchange for their retirement savings.

 ::snipping2::

There can be a difference of nearly 20 per cent in the rates offered by different providers, which means some pensioners could be missing out on a substantial boost to their incomes.

Regulators have intensified the focus on the pensions industry following the launch last year of auto-enrolment, which will see all workers automatically enrolled into savings schemes by 2017. Confidence in the pensions system is seen as key to making the scheme a success.

Investment Life & Pensions Moneyfacts, a data provider, has calculated the difference between the best and worst deals today to be as much as 16 per cent (see the table).

read more here - http://www.telegraph.co.uk/finance/personalfinance/pensions/9838554/FSA-launches-pension-annuity-probe.html

Does anyone really think the scammers you trust with your money at age 20 will still be there when you retire decades later?

Somehow, all these banks/insurance company/insiders will be honest?

Why did Main Street get stuck bailing out Wall Street?

Why would anyone want to push another forced retirement scam on America?

When the government get's involved, it always seems to turn into massive excesses in the financial industry and massive taxpayer bailouts years down the road.


just my humble opinions and questions
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WhiskeyGirl
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« Reply #1 on: January 31, 2013, 12:55:23 PM »

Quote
One such plan has been proposed by Teresa Ghilarducci, an economics professor at The New School in New York City and an ardent critic of 401(k)s.

“A good pension plan helps people accumulate money, helps them invest money appropriately, and helps people pay out your pension for life, and the 401(k) fails at all three of those dimensions,” Ghilarducci said.

Her plan would require that employers deduct 2.5 percent of their employees’ pay, a contribution that businesses could match if they chose. Employee contributions would be mandatory. The money would be set aside in a fund that pays a guaranteed, modest rate of return to supplement Social Security. The return could be guaranteed by a paid fund or an insurance company, and it would be paid out after a worker retired in the form of an annuity for the rest of that person’s life.

“What people put in and what they earn is what they’re going to get out, so it’s a safe and secure savings account that’s only there for retirement purposes,” Ghilarducci said.

California already has moved to adopt a voluntary version of Ghilarducci’s plan that would pool contributions from private-sector workers in a state-administered, professionally managed fund. The state is awaiting a feasibility study and a final vote by the legislature before launching it by the end of 2013. Other states exploring the possibility include Connecticut, Rhode Island, New York and North Carolina, Ghilarducci said.

Read more here: http://www.modbee.com/2013/01/26/2545369/financial-crisis-has-left-401ks.html#storylink=cpy
- Emphasis added.

Safe and secure for decades?  What of greedy bankers?  Greedy politicians?

Anyone notice what politicians did to help greedy investment bankers?  Gobble up healthy  insurance companies and banks? 

Who got stuck and is still paying the bill for GREED?

Another 'voluntary' system?  Sure, it's safe...
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klaasend
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« Reply #2 on: February 02, 2013, 08:17:08 PM »

http://www.factcheck.org/2012/12/no-government-401k-takeover/
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WhiskeyGirl
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« Reply #3 on: February 03, 2013, 06:30:04 PM »


I'm thinking the government takeover of 410ks, etc., got a lot of bad publicity.  The new forced voluntary plan in for Americans going forward...more taxation, false promises...

 
Quote
But in the aftermath of the Great Recession, increased “leakage” from 401(k)s in the form of cash-outs, hardship withdrawals and loans is worrying policymakers and retirement savings experts, who also bemoan the plans’ high fees and stubbornly low participation rates. Some are looking for ways to reform 401(k)s, or even offer innovative alternatives.

One such plan has been proposed by Teresa Ghilarducci, an economics professor at The New School in New York City and an ardent critic of 401(k)s.

“A good pension plan helps people accumulate money, helps them invest money appropriately, and helps people pay out your pension for life, and the 401(k) fails at all three of those dimensions,” Ghilarducci said.

Her plan would require that employers deduct 2.5 percent of their employees’ pay, a contribution that businesses could match if they chose...

Read more here: http://www.thestate.com/2013/02/02/2614994/alternatives-sought-to-vulnerable.html#.UQ7tiGdZMVc#storylink=cpy

Another tax 'deduction' on top of all the other taxes...

The goal seems to be taking/stealing/taxing/regulating away the savings of working Americans.

just my humble opinions
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All my posts are just my humble opinions.  Please take with a grain of salt.  Smile

It doesn't do any good to hate anyone,
they'll end up in your family anyway...
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