Does Obama’s 2014 Budget nationalize retirement accounts?

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D C Clothesline:

Does Obama’s 2014 Budget nationalize retirement accounts?

 

Posted on October 4, 2013 by Dr. Eowyn

 

Do you have retirement savings accounts like IRA or 401k?

Did you get an alarming email from Townhall Spotlight proclaiming that:

President Obama’s FY2014 Budget–Nationalized Retirement Accounts!

I did.

When I clicked “Click Here to LEARN More” in the email, I was taken to a web page of Goldworth Financial with the alarming title of “Obama & BIG Government Are Planning To Seize Retirement Accounts!” Here are Goldworth Financial’s claims:

1. Obama’s FY2014 Budget Plan brings us one large step closer to de-privatizing IRA’s & 401k’s.
2. Much like Obamacare, Obama’s “Automatic IRA” will force employers with 10 employees or more, to “automatically” enroll their workers in the new Government run accounts that will be managed by the Social Security Administration(SSA).
3. A report from the Labor Department and the IRS on The Government Accountability Office (GAO)-”Improve the rollover process for participants“ – establishes a path for participants to rollover their private retirement accounts into Obama’s Automatic IRA