Friends - you need to watch very carefully what Congress may do with your 401K. If the legislation follows the testimony, your 401K will be confiscated and substituted with a special type of Social Security payment.
Here is some of the testimony:
The testimony of Teresa Ghilarducci, professor of economic policy analysis at the New School for Social Research in New York, in hearings Oct. 7 drew the most attention and criticism. Testifying for the House Committee on Education and Labor, Ghilarducci proposed that the government eliminate tax breaks for 401(k) and similar retirement accounts, such as IRAs, and confiscate workers’ retirement plan accounts and convert them to universal Guaranteed Retirement Accounts (GRAs) managed by the Social Security Administration.
The full article here:
http://www.carolinajournal.com/articles/display_story.html?id=5081
