Wednesday, September 22, 2010

401K Funds, on a non-reversible "conversion" to annuities

We wrote about this several times, and one reason why I am not contributing any more money to any 401K, tax deferred, or tax advantaged account.    Because the Economic Hit Men are setting their sights on getting control of that money.  

It's between $4T and $7T depending on who you ask.

And Treasuries will be part of these "Annuities".   The propaganda machine is ramping up the rhetoric.  In this article

The experts were speaking at a two-day hearing on lifetime-income options for retirement plans hosted by the U.S. Labor Department's Employee Benefits Security Administration (EBSA) and the Treasury Department.

From this vantage point, it seems like a done deal, and the only questions remaining are those dealing with safe harbor rules, fiduciary requirements and the in-the-way details.

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Insightful and Useful Comment!