Friday, March 26, 2010

Obama Administration, Unions Conspiring To Take Over Retirement System

They Took Your Health Care System – Now They Want Control Of Your PRIVATE 401k!

Here in Illinois, the state has some 80 billion dollars in unfunded liabilities for state government workers.  At the Federal level, it’s estimated that more than 20,000,000,000,000 (that’s trillion!) dollars in unfunded liabilities exist for SEIU and other government employees

So what does the Obama administration, the SEIU and other Labor Unions want?  They want control of your and my PRIVATE 401k’s!!

The SEIU is promoting a plan that will centralize all retirement plans for all American’s – including 401k’s under a single “retirement system” for the United States.  Yep, single payer for retirement!

The SEIU, which was integral to the election of Barack Obama as president, is working with the left-leaning Economic Policy Institute (EPI), and the National Committee to Preserve Social Security and Medicare, on SEIU's plan, called "the Retirement USA Initiative."

The proposed retirement system would be operated under the following principles:

  • Shared Responsibility. Retirement should be the shared responsibility of employers, employees and the government.(Gee, where have we heard this before?
  • Required Contributions. Employers and employees should be required to contribute a specified percentage of pay, and the government should subsidize the contributions of lower-income workers. (More Government involvement in your life!)
  • Pooled Assets. Contributions to the system should be pooled and professionally managed to minimize costs and financial risks. (No doubt managed by the Government!)
  • Efficient and Transparent Administration. The system should be administered by a governmental agency or by private, non-profit institutions that are efficient, transparent, and governed by boards of trustees that include employer, employee, and retiree representatives. (Kind of like that same “transparent administration” of the Obama government?)
  • Effective Oversight. Oversight of the new system should be by a single government regulator dedicated solely to promoting retirement security.

"The financial crisis and the economic recession have shone a spotlight on the inadequacies of today's system," said Stephen Albrecht, director of benefits for SEIU.

Inadequacies such as those created by the SEIU who for years demanded more and more benefits for its members, and who’s benefits now exceed those of the private sector?

How about this Mr. Albrecht: the SEIU owes the American public a refund of their benefits as the “productivity” of a Government worker is less than half that in the private sector!

Just who’s “sponsoring” this idea?  Well, how about all the major unions and their lawfirms?  Click Here, see for yourself!

Call your Congressman and let them know they’d best keep their hands off your PRIVATE investments and PRIVATE 401k before they steal that away from you too!

No comments: