Archive - December 10, 2008

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Will 401(k) Accounts Be Eliminated?

Will 401(k) Accounts Be Eliminated?

Back in October, some influential members of the House of Representatives held hearings to discuss overhauling the 401(k) retirement plan system. Soon thereafter, talk radio, the blogosphere, and even the generally-sober Wall Street Journal erupted with dark warnings of a plot afoot to “nationalize” or “confiscate” everyone’s 401(k) plans and convert them to accounts managed by the Social Security Administration.

The House Education and Labor Committee interviewed a number of retirees, activists, and others to open discussion on the possibility of altering the nature of 401(k) accounts.  The discussions were partly a response to the realization that 401(k) holders had …

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