http://www.investmentnews.com/apps/pbcs.dll/article?AID=/20081012/REG/310139971

Here is an excerpt from the meeting related to retirement accounts: A plan by Teresa Ghilarducci, professor of economic-policy analysis at The New School for Social Research in New York, contains elements that are being considered. She testified last week before Mr. Miller’s Education and Labor Committee on her proposal. The article goes on: Under Ms. 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% 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% a year, adjusted for inflation.

The current system of providing tax breaks on 401(k) contributions and earnings would be eliminated.

“I want to stop the federal subsidy of 401(k)s,” Ms. Ghilarducci said in an interview. “401(k)s can continue to exist, but they won’t have the benefit of the subsidy of the tax break.”

Under the current 401(k) system, investors are charged relatively high retail fees, Ms. Ghilarducci said.

“I want to spend our nation’s dollar for retirement security better. Everybody would now be covered” if the plan were adopted, Ms. Ghilarducci said.

This is Socialism/Marxism at its core. These elected idiots want to move your 401k money into the defunct social security trust fund and guarantee you a 3% return. Good luck meeting your retirement goals.

I’ve cut down on a lot of these by doing this (at least people aren’t sending them to me, anyway).