Social Security Part II

The wrath of Kahn

Eyeing Your Pension
Are 401(k)s safe from congressional Democrats?

Apparently congressional Dems want to remove the deductions companies get for contributing to 401(K)'s thus eliminating employer matching funds, and offer their own program that will be administered by Social Security:

Under Ghilarducci's plan, all workers would receive a $600 annual inflation-adjusted subsidy from the U.S. government but would be required to invest 5 percent of their pay into a guaranteed retirement account administered by the Social Security Administration. The money in turn would be invested in special government bonds that would pay 3 percent a year, adjusted for inflation.

That is not all, forget about passing it on to your children:

In addition, workers would be able to pass on only half of their account balances to their heirs; presumably the government would seize the remaining half. (Under current law, 401(k) balances are fully heritable, although they are subject to the income tax.)

Work harder, so many people on welfare need your money.