I warned you this administration would eventually get around to doing to us what the Government of Argentina did to their citizens...
"Nationalize" all retirement plans and give us all a U.S. Government sponsored annuity...
A sort of "Super Social Security" account.
Doesn't that sound like a great deal?!
Right now it's still in the planning stage, but believe me, eventually they're gonna do it to us. Here's the language in the "Notice of Propose Rulemaking":
"The Department of Labor and the Department of the Treasury (the “Agencies”) are currently reviewing the rules under the Employee Retirement Income Security Act (ERISA) and the plan qualification rules under the Internal Revenue Code (Code) to determine whether, and, if so, how, the Agencies could or should enhance, by regulation or otherwise, the retirement security of participants in employer-sponsored retirement plans and in individual retirement arrangements (IRAs) by facilitating access to, and use of, lifetime income or other arrangements designed to provide a lifetime stream of income after retirement. The purpose of this notice is to solicit views, suggestions and comments from plan participants, employers and other plan sponsors, plan service providers, and members of the financial community, as well as the general public, on this important issue."
For further information, details can be found here.
Be prepared people.
When they pull the trigger on this law, you'll have 60 days to withdraw your money to keep them from stealing it.