Government is preparing to seize 401(k) retirement plans
HangTheBankers.com
May 31, 2015
In what may soon prove to be a landmark case, last week the U.S. Supreme Court ruled that employers have a duty to protect their employees from mutual fund companies whose fund options for 401(k)’s underperform or charge unnecessarily high fees.
The case, Tibble vs Edison, has set the stage for what could be a very slippery slope – a slope on which the U.S. government could intervene whenever it believes a 401(k) is not adequately performing.
It has many asking questions: If we have another stock market crash on par with 2008 (as some are predicting for this year) would the government step in when 401(k)’s suffer any kind of substantial loss? Might the government take control of those plans – of course, all in the name of “protecting consumers” – and in turn move the funds into Treasury securities?
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