Category: economy
The U.S. Treasury and Labor Departments will ask for public comment as soon as next week on ways to promote the conversion of 401(k) savings and Individual Retirement Accounts into annuities or other steady payment streams, according to Assistant Labor Secretary Phyllis C. Borzi and Deputy Assistant Treasury Secretary Mark Iwry, who are leading the effort.
In other words, your 401-K could be forced into Treasury bonds, as an annuity - which is exactly what social security is. Then, the Treasury department stole the money to pay for an infinite number of other programs.
