Obama creates ‘MyRa’ accounts

Flatfish


For starters, it's voluntary.

Yeah, I will hold my breath as to it staying that way..

Or, it is voluntary, just like 0bamacare is. Where the Govt will push out all Private IRAs, thus making this new stupid Govt back crap sandwich the only option.

Advantage

Flatfish

neo96
reply to post by Flatfish

 

Oh yeah, I'm already retired. I retired at age 48 on one of those dreaded union pension plans that happens to be fully funded because we didn't allow our employer to "promise" to pay. W

Well then should be fully aware where your union invested that pension at evil Wall Street.

Then of course get's hit with another medicare tax it's capital gains.

www.forbes.com...

I wonder if MYRA will get hit with the same medicare tax.

Actually, my pension fund is a qualified plan under the ERISA guidelines and operates on a not-for-profit basis which allow us to qualify for tax-exempt status. We don't have "capital gains" or pay dividends, we operate "Exclusively" for the promotion of social welfare.

Now, doesn't that just piss you off!

Oh yeah, while it is true that we had substantial investments in the evil stock market, some of our very best returns came from underwriting huge construction projects that utilized only union labor. Go figure!

edit on 30-1-2014 by Flatfish because: (no reason given)

Doesnt piss me off... why should it piss anyone off? Weird...

Anyway, is this benefit open to anyone.. or only certain people?

No, but I wish it were.

For starters, most employers nowadays don't want to pay for pension benefits, much less pay for them "up front." They want to "promise" them to you at some point in the future and you end up like those retired municipal workers in Detroit, screwed to the wall.

To make a long story short, my union's jurisdiction covered the entire east coast and held collective bargaining agreements with at least 20 or 30 different employers at any given time. It's called a "Multi-Employer Benefit Trust Fund" and the managing Board of Trustees in made up of 8 representatives from labor and 8 from management. The fact that we had a shared interest to see the program succeed, insured that it did and does.

Due to the non-union labor movement and something called "withdrawal liability," it became hard if not impossible to convince new employers to collectively bargain with the union unless we agreed to end the pension, or what is called "defined benefit" program and convert to what is known as a "defined contribution" program which is similar to a 401(k).

This means that my pension plan is not even available to the workers in my own industry any longer and it's a shame. Sorry.

LeatherNLace


So, pointing out the fact that every President in US history has used EOs; most more than Obama...that is somehow deflecting and attacking others? I don't see how that is attacking or deflecting...unless you think by pointing that out I was implying most previous Presidents were more dictatorial/imperialistic than Obama. If that is what you think, then you are probably right.

Yeah, your retorts sound like the kids.
Adult "little Timmy, you slapped Jane"
Little Timmy. "Yeah, but so did Sam".

LeatherNLace
If the use of EOs is the measuring stick, then I got news for you. That shoe fits every president in US history.

Okay Little Timmy. Okay.

LeatherNLace

I do not recall any President in my lifetime receiving such unified and prolonged accusations of being a dictator/emperor ever...especially from congress. Why don't you be honest about it.

So, I guess you haven't been watching the News Channels over the last several years.
Maybe you are blind and deaf. I guess that is the reason.

LeatherNLace

Until I catch up to you, I think I'm safe.

Okay little Timmy.

I'm not the one here defending the crap 0bama is doing. So what is it then, if not dishonesty? I guess blind allegiance, which you seem to have deemed as the better choice in life.

neo96

Actually, my pension fund is a qualified plan under the ERISA guidelines and operates on a not-for-profit basis which allow us to qualify for tax-exempt status.

Getting more out than paid in ?

Then your profiting.

Actually, I paid in for over 30 yrs., during which time a lot more money was generated in my behave with the funds invested. So, of course I will get out more than I paid in. That's how it's supposed to work!

Doesn't take a rocket surgeon to figure that one out.

Flatfish

neo96

Actually, my pension fund is a qualified plan under the ERISA guidelines and operates on a not-for-profit basis which allow us to qualify for tax-exempt status.

Getting more out than paid in ?

Then your profiting.

Actually, I paid in for over 30 yrs., during which time a lot more money was generated in my behave with the funds invested. So, of course I will get out more than I paid in. That's how it's supposed to work!

Doesn't take a rocket surgeon to figure that one out.

edit on 30-1-2014 by Flatfish because: (no reason given)

Investing ELSEWHERE.

Which is the GD point.

Myra will not be doing that.

Flatfish

Advantage

Flatfish

neo96
reply to post by Flatfish

 

Oh yeah, I'm already retired. I retired at age 48 on one of those dreaded union pension plans that happens to be fully funded because we didn't allow our employer to "promise" to pay. W

Well then should be fully aware where your union invested that pension at evil Wall Street.

Then of course get's hit with another medicare tax it's capital gains.

www.forbes.com...

I wonder if MYRA will get hit with the same medicare tax.

Actually, my pension fund is a qualified plan under the ERISA guidelines and operates on a not-for-profit basis which allow us to qualify for tax-exempt status. We don't have "capital gains" or pay dividends, we operate "Exclusively" for the promotion of social welfare.

Now, doesn't that just piss you off!

Oh yeah, while it is true that we had substantial investments in the evil stock market, some of our very best returns came from underwriting huge construction projects that utilized only union labor. Go figure!

edit on 30-1-2014 by Flatfish because: (no reason given)

Doesnt piss me off... why should it piss anyone off? Weird...

Anyway, is this benefit open to anyone.. or only certain people?

No, but I wish it were.

For starters, most employers nowadays don't want to pay for pension benefits, much less pay for them "up front." They want to "promise" them to you at some point in the future and you end up like those retired municipal workers in Detroit, screwed to the wall.

To make a long story short, my union's jurisdiction covered the entire east coast and held collective bargaining agreements with at least 20 or 30 different employers at any given time. It's called a "Multi-Employer Benefit Trust Fund" and the managing Board of Trustees in made up of 8 representatives from labor and 8 from management. The fact that we had a shared interest to see the program succeed, insured that it did and does.

Due to the non-union labor movement and something called "withdrawal liability," it became hard if not impossible to convince new employers to collectively bargain with the union unless we agreed to end the pension, or what is called "defined benefit" program and convert to what is known as a "defined contribution" program which is similar to a 401(k).

This means that my pension plan is not even available to the workers in my own industry any longer and it's a shame. Sorry.

Im thrilled you personally have a good cushion.. believe me. BUT... Thats the problem with your argument though. Its NOT available across the board. ONLY select folks have any chance of benefitting from it. Besides those that just cant stand Obama 'cause he is Obama, Im not overly thrilled with him any more than Bush, but the MyRa thing is nowhere near what COULD be done. Its like theyre throwing us all a half chewed bone with a surprise inside. It could also be yet another cash grab.. and it will be Im pretty sure.

The husband and I are not anywhere near spring chickens.. so we have done things to not ensure the golden years of extravagance, but to just live simply when we are too old to work. I would rather people save their own money on their own terms and the govt not be involved in it if people dont want them to be. If the govt involvement is wanted by some.. at the very least dont screw the people over as with SS. Culturally we screwed ourselves a while back... the old are on their own and family feels NO obligation to care for them.... so some "social programs" are absolutely necessary regardless of how we wish it was or was not. It would be good to see to it that the govt doesnt use these vulnerable Americans as well. When we have banks tellng people the money they deposit isnt their money and the govt backing this up... we have a significant problem that yet another new program doesnt seem to address.

A close person to me who we have known maybe 20-25 years has worked at Chrysler for almost 35 years now.. cant retire. They screwed him over HUGE. The funny thing was that others with different agreements and levels in his union for sweet deals. They all work the same.. but the screwing is selective.

reply to post by Wrabbit2000


Ohh, there is no fine print.

They simply used up all your social security money so they need a new fund to steal from!

VERY simple.

reply to post by LeatherNLace


Actually we slammed Bush quite often in ATS, something that I did personally very well in the boards, like I did with Obama I voted for Bush first term, but once you get to see the agendas you learn that is nothing but a joke.

LeatherNLace
. I take it reading comprehension is not your strong suite.

I take it, by your unintentionally ironic response here, that English comprehension is not your strong suit.

I don't think anyone has a strong "suite" of reading comprehension! A "suite" is a group of rooms or a very large room used by one party or group.

I love irony - it's so ironic!

Anyway, judging by some of the comments in this thread - I see that we're still stuck with these boring accusations of racism or GOP/Republican party affiliation if we disapprove of an Obama policy. [We need an eye roll icon here]

Why is it so hard to fathom that people do not like a persons policies and it has nothing to do with race/creed/political party affiliation/etc.?

If we could leave politics out of it, I would probably really enjoy sitting down and knocking back a few beers with Obama and Bush2 ... but I would rather that neither one of them was ever in charge of the country. The two of them combined have really ripped the country right out from under we the people and handed it to the richest of the rich! Bush got the country in a nosedive and Obama took over and put the pedal to the floor...like full speed ahead in a nosedive is a good thing.

If this thing is passed - it will just be another government money grab like the ACA. Ripping the wallets out of the middle classes pocket and redistributing it to others while the uber-wealthy just keep raking it in...and the sheep seem to think it benefits them somehow...

reply to post by neo96

Sounds like it is going to be backed by nothing.

Full faith and credit of the United States government.

I have no faith, and since when does the Gov't have credit (for us).
I said it in another thread and I'll continue to say that Obama is trying to hold on to the D. seats(and the '14 elections), and will stop at nothing. He has failed in every other area and is now working on convincing the American middle class that he's working for them. His focus is on getting his poll #'s up and getting the public to believe that he's helping them financially is his best bet. Many will fall for it, simply because they will want to believe it.

Well MyRa is actually done by executive order, so there you have it another executive order to add to the graph, and yes I been sarcastic.

Actually I been reading in news about the whole idea, most experts agree that in order to help the poor the poor needs to have at least 5 dollars left in their none existent back accounts to be able to save, by the time any low income person could save enough to transfer into a real IRA it will take a lot of will power and resolution as most people this days within lower income live payday by payday and coming short.

RobinB022
reply to post by neo96

 

Sounds like it is going to be backed by nothing.

Full faith and credit of the United States government.

I have no faith, and since when does the Gov't have credit (for us).

Faith has no quantative measurement in the real world.

It is the stuff of RELIGION.

Credit LOL

Credit is a 'promise'.

I have no faith in the US government nor do I give them credit.

marg6043
Well MyRa is actually done by executive order, so there you have it another executive order to add to the graph, and yes I been sarcastic.

Actually I been reading in news about the whole idea, most experts agree that in order to help the poor the poor needs to have at least 5 dollars left in their none existent back accounts to be able to save, by the time any low income person could save enough to transfer into a real IRA it will take a lot of will power and resolution as most people this days within lower income live payday by payday and coming short.

I saw a commercial on TV that offered 100-300.00 LOANS.
If we are in a place where a large amount of people need LOANS for a mere 100.00 from a bank... we are in a serious spot as a country. "The Poor" are gaining in numbers as we speak and MyRa offers no solutions to this problem.

reply to post by Advantage


That is true, but you will be surprise how many more people will default on just 50.00 this days. Sad but true and when you have people selling their EBT cards for cash to drug dealers you will only have to wonder it most be able to play with somebody else hard earned money.

OpinionatedB
reply to post by Wrabbit2000

 

Ohh, there is no fine print.

They simply used up all your social security money so they need a new fund to steal from!

VERY simple.

I'll tell ya what has me confused is that what I gather from the MyIRA idea so far? It simply duplicates efforts to existing IRA account plans with his name associated with it instead of others. The standard and ROTH IRA already pretty well cover everything tho?

As I mentioned elsewhere tho..and there is no confirmation to anytihng here but what happened in Cyrpus and is being discussed in Europe and elsewhere ...but in the many mind numbing pages of pages of figures of nothing but more numbers that Federal Reserve Banks produce (St Louis for these particular ones) there is accounting for almost every dollar in the world. No kidding.. they really track all of it and not just every digital dollar but every note and coin, as well. They can't know them ALL...but not for lack of trying.

The important part is that, among all that tracking....is a track of how much is in Savings, Checking, and...retirement accounts of all kinds. Sometime soon I'll dig out all my material again to refresh my memory to exactly how much is sitting globally in various forms of American retirement accounts ...but I recall it coming somewhere around 20 trillion, total and all combined.

I.E... Enough to pay the entire national debt to the last penny, with some left over for parties around Washington.

Of course..we're talking about totally destroying a large % of the middle class and 'upper' lower class of this nation in doing what would be required to use those numbers in that way .....but at this stage? I'm not sure I put it past them.

That's what I mean by fine print as much or more than anything. To create a whole new IRA system ....which almost overlaps to duplicate existing ones? There MUST be something we're not even seeing here yet. Has to be...to justify what is happening?

So lets see if we got this right. myRA allows you to take your money and instead of placing it in a local bank or your choice of banking institution, you can give it to our government to hold for you. In return, you will receive little if anything more than what a savings account would give you in interest. In doing so, the government will spend your money on things they want...and if I understand this correctly, they won't even have to ask. My understanding is that this is basically petty-cash where Obama, or whomever is in charge at the time, can spend it on anything. Lowering the government debt or paying the NSA to kick up their spying efforts.

Yeah...I think I will opt-out. You see, I DON'T TRUST OUR GOVERNMENT any farther than I could throw them. I trust our government even less under Obama because he and his buds have gotten to the point that they will lie to your face, even when you know for a fact it is a lie, and continue to claim it is fact.

Suggestion from someone who went to school for accounting...DON'T PUT A PENNY IN THIS! You are better off with a savings account, you are safer with the stock market and if you want a real investment (considering the current interest rates), BUY A BOOK AND LEARN SOMETHING. Something that will teach you something related to your career. Something that will save you money like a book on minor home or car repair. $40 book...save $500 on some home repair labor? THAT would be over a 1200% return on investment. myRA or a savings account results in a 3% return on investment at absolute best. No brainer!

And OP...lets not forget that Obama DID NOT create this. Don't forget, we don't create anything. "You didn't make that". From the horse's ass himself.

reply to post by xuenchen


Backed by the full faith and credit of the United States government................really? That is a selling point for me.I didn't know we had any credit as a country anymore. All these yahoos are going to do is rob this program just like all the other ones. People wont even know about being robbed for years until one Friday night they announce the myra program is broke. Boy cant wait to put my money in it.

reply to post by xuenchen


These are just the next phase of Quantitative Easing - the rest of the world doesnt want US debt, so the Fed and Treasury are going to stuff this worthless junk into the retirement accounts of its own citizens - yay, gratz losers!!

Yeah - this is just a plain, in your face rip off of retirement funds - expect to see something like 'the program is so successful that existing retirement funds will now be given access to these exceptional instruments'.

They are going to stuff these down your neck until you choke and die, and of course the interest rates will never make inflation rates so you are losing every day - and when saturation is achieved you will be wiped out.

reply to post by Advantage


Look, nobody came along and dumped benefits in my lap either. Over several generations of longshoremen, we repeatedly gave up wage increases in order to fund our benefit programs and even then, it was a hard fought battle. But that's what unions do, or at least that's what they're supposed to do.

Pretty much the whole time I worked as a union longshoreman, (especially being located in the south) we'd hear all about how bad unions were and all about how a company can't survive if a union is involved etc...etc...etc...

Now you want to tell me that I can't compare my end result to that of the people who are trying to survive in retirement without a pension or retirement plan because what I have isn't available to them, well no kidding! You have to stand up and fight for it! Your employer sure as hell isn't going to do it for you.

My pension isn't huge, but it's enough to get by on and once I get old enough to draw my S.S., (3 more years) things will be alright.

And one more thing with respect to those Chrysler workers; When you have a agreement between two parties that leads to the downfall of both, I doubt that either party is unilaterally to blame. It takes two to Tango.