...when they come for your 401(k):
"One of the nation's largest labor unions, the Service Employees International Union (SEIU) is promoting a plan that will centralize all retirement plans for American workers, including private 401(k) plans, under one new "retirement system" for the United States."
According to Ross Eisenbrey, Vice President of the Economic Policy Institute, a think tank working with the SEIU on this initiative, only three in ten workers have a 401(k) plan or similar savings plan. In 2006, the median 401(k) account balance was $25,000, and the median for workers nearing retirement was $40,000.
The "Retirement USA Initiative" would pool assets under one centralized body, to be administered by professional investment managers. Presumably, these would be the same professional investment managers who screwed the pooch with similar state and municipal worker pension funds around the country.
No thanks, I'll take my chances.
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