CAPPS LAW

[Dirk Williams]

Anybody aware of this law?
DW

[FromMyColdDeadHand]

In January, Bloomberg reported 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."

From a 2010 article found here:


http://news.investors.com/article/533718/201005111832/federal-mutual-fund.htm

[davidjinks]

Soooo......

Taking private retirement accounts, then in return paying you a monthly stipend on YOUR own privately invested money?

Seriously?

[FromMyColdDeadHand]

I can't find anything current on this. And all I really find is blogs, forums and non-accredited websites talking about it.

By the way Dirk, I think it is common courtesy to at least link to where you had heard of something, what it is, and why it important otherwise you look like a spammer/troll.

[Dirk Williams]

Morning Cold, I would if I could. This was a conversation with a friend . I had never heard of this before and looked but only found references regarding some elected official in Ca who penned this bill. She had replaced her husband after he passed away.

She is from a district on the Calif coast, between LA and Salinas I think.

My initial understanding is that this Capps Law was buryed within Obama new health care bill. I can't find it.

You guys are far better researchers then me and generally far more informed. That's why I asked for input hoping someone could confirm or deny it's validity.

You guys have taught me how to do links and I forget as I don't use the skill enough to remember.

Thinking Im going to drink good thick/strong ground black coffee, listen to great classical music and see what I can find myself.

Thanks again.
DW

[FromMyColdDeadHand]

If StyurAug and AoCake can figure out the Marianas Tranch/Siapan conspiracy in 30 minutes, I bet they can crack this one ;)

[Dirk Williams]

For some reason Capps Law came alive on my computer just now.

This appears to be a legit thing. Supposed to go into full effect in 2013 and is written into multiple bills and stimulas packages, already passed by congress/house.

It appears that federal LEO's have already raided some saftey deposit box's using sneak and peak warrants. The banking instututions can not inform their clients or the box holder as a 100.000 fine will be slapped on the bank for telling their client. " That part is in the Patriot Act, and suposed to be only used in Terroist issues.?

One account says it's already been used in Ca Id and Texas. Another part appears to be saying that your 401's and other assets can be assessed up to 8.4 percent tax above and beyond your capital gains taxes. A tax after another tax.

Another part says they will be accessing taxes on medical services for certain medical treatments such as joint replacement, dibetes issues and many others.

Yet another art appears to say the feds can sieze your 401's and pay you a sort of monthly benefit depending how much money they sieze, borrow.

I'm sorry but I have a problem with a GOVT that continues to make law that does nothing more then **** "We the people" over.

THis might be worth reading if you have large 401's or other assets. The way things are going and with the NEW bail out of SPAIN, It's you and me who are going to pay the bill, one way or another.

Have a good day.
DW

[montanadave]

There's plenty of shit about it but it's all from pretty questionable sources and websites. I have yet to find anything which provides specific information about what "Capps' Law" actually is or says.

Everything's vague and conspiratorial, referencing a collection of regulations and statutes supposedly buried in the Affordable Health Care Act or the Patriot Act but I have yet to see any references to specific clauses in the legislation.

The references to 401(k) accounts, etc. seem to be linked with recommendations made by Teresa Ghilarducci, an economist who has promoted the idea of mandatory contributions to a government-run retirement program in addition to Social Security. Representative Lois Capps has been linked to Ghilarducci on some of these sketchy websites but, again, I can't find any specific references to actual legislation which implements Ghilarducci's proposals.

Here's an old (2007) paper outlining Ghilarducci's proposal for a government-administered Guaranteed Retirement Account system to replace the current individual 401(K), 403(B), and IRA system: http://www.sharedprosperity.org/bp204/bp204.pdf

All grist for the mill, I suppose, but the whole uproar over "Capps' Law" seems to link back to an old clip by a Stansberry Research, an investment counseling service with a reputation for peddling total shit.

If anyone finds something credible, I'd be interested. But the poking around I've done has uncovered nothing more than an internet circle jerk.