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Confiscating Individual Retirement Accounts: An Awarenss Alert!
by Michael Haberman on November 10, 2008 · 0 comments
Congress confiscating individual retirement accounts? Sounds outragous doesn’t it? Well this article in the Carolina Journal Online shows that it is being considered. I had heard that Congress was considering taxing retirement accounts, but this proposal to seize them all and put them into a social security like program is unthinkable. But then lots of things unthinkable have been occurring. Banks collapsing, gas prices falling, the U.S. government taking over company after company (AIG bailout), GM and Ford talking merger, etc. So don’t just blow this off!
As HR professionals how do you think your employees are going to react to all their retirement being taken? I know I am certainly not happy. I really doubt that anyone would be. Am I wrong? Would workers like universal retirement accounts, funded by existing accounts? Help me here.
This, along with all the other potential legislation coming next year needs to be watched closely.
I am all for change…. but…
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