Biden’s new 401(k) rule threatens to funnel workers’ retirement funds into ‘woke’ causes

[livingston]

Biden’s new 401(k) rule threatens to funnel workers’ retirement funds into ‘woke’ causes​

https://www.washingtontimes.com/multimedia/image/biden_climate_cop26_summit_86747jpg-2676ajpg/
A rule quietly proposed by the Biden administration would allow companies to consider factors such as climate change, diversity issues and even political donations when selecting employees’ 401(k) plans, potentially forcing workers to funnel some of their pay into woke causes.

The proposal explicitly directs retirement plan administrators and asset managers to consider environmental, social and corporate governance (ESG) factors when selecting investments.


That would require retirement plan sponsors to give as much weight to a fund’s support of liberal causes, such as donating to Black Lives Matter or building wind turbines, as they do to financial returns.


It also rescinds a Trump-era rule that requires administrators and asset managers to offer investment options solely in the financial interests of participants.

Critics say the rule would harm Americans’ retirement savings by allowing asset managers to sacrifice financial returns to promote liberal policy objectives.

“This is the latest example of how the political left works,” said Sen. Marco Rubio, Florida Republican. “They want to remake the entire country to comply with the latest woke agenda. And with this rule, the political left’s allies on Wall Street and corporate America will be free to do it with no recourse for the workers and retirees harmed by it.

Biden’s new 401(k) rule threatens to funnel workers’ retirement funds into ‘woke’ causes

A rule quietly proposed by the Biden administration would allow companies to consider factors such as climate change, diversity issues and even political donations when selecting employees’ 401(k) plans, potentially forcing workers to funnel some of their pay into “woke” causes.

amp.washingtontimes.com

 

[libertysnake]

Thank you for bringing this to my attention.

There's so much to be done. We can't be passive about this any longer.

 

[Deplorable Me]

Keep your socialist hands off my retirement savings. Damn thieves.

 

[Dr. Evil]

Once again, a big fuck you to the Biden voters/supporters out there.

 

[S&W Fan]

Well, I guess it’s back to stuffing the mattress. Effing socialist cucks.

 

[Carlos Hathcock]

This sounds like a program our previous president would've implemented......given the chance.

 

[Dr. Evil]

This sounds like a program our previous president would've implemented......given the chance.

I'd say he has the chance.

 

[meketrefe]

How many here still trust the 401K can secure their retirement?
Should that be converted into assets some of which should be buried essentials?
Tell us about your 'trust' level?

 

[Blimey]

How many here still trust the 401K can secure their retirement?
Should that be converted into assets some of which should be buried essentials?
Tell us about your 'trust' level?

I’m aware of no better alternative, so it’s still the sole source of my retirement planning.

 

[1075tech]

I was hoping to retire at 104. T. Rowe Price says I'm on track.

This might mess things up for me

 

[Stuckinny]

No, a 401K cannot secure a retirement alone. That is why there are other buckets. But in the end, those of us with a 401K will get screwed hard. Why? Because it counts as personal wealth. Have a pension worth 2 million, you are worth 0. Have a 401k worth 2 million, you are worth 2 million. Guess which one is not getting their social security.

 

[Acer-m14]

How many here still trust the 401K can secure their retirement?
Should that be converted into assets some of which should be buried essentials?
Tell us about your 'trust' level?

not me .. never trusted it from the beginning ... and then when some world issues happed ,, and company stops matching .. yep no trust

 

[Robin]

Nationalize your personal retirement, then the G will dole it out like SS when you actually retire, and you didn't see this coming? Next stop, the stock market!!!!!!! Onward and downward.

Have some cheese, you paid for it.
Robin

 

[TEOTWAWKI inc.]

So, my 401k will now have a negative return on the investment of my hard earned income that is continually becoming worth less and less due to rapidly rising inflation caused by many decades of incompetent and corrupt borrow and spend politicians at all levels of government that cannot come up with enough ways to keep taking more of my money because ~30% of what I make hitting their pockets before the part that I sort of get to pretend I can keep hits mine will always provide them an opportunity to raise taxes further and continue to steal and waste because I still have money they already spent while they fail to realize that the most they can ever take from me is everything that I have resulting a surprisingly favorable outcome - NOTHING LEFT TO LOSE.
(run-on sentence intentional)

 

[gunpoliticsny]

The single best investment over time is the stock market. The best way to invest is with private self-directed accounts, IRA or Roth IRA.

 

[Deplorable Me]

I have 2 friends who were white collar engineers at GM. Ripe old age in their 60s. GM folded on their pensions and healthcare. Shit in retirement. Totally burnt by corporate. I have no allegiance to buying GM products because they are union and American jobs. Union makes out, white collar burnt.

 

[Doc8404]

Once again, a big fuck you to the Biden voters/supporters out there.

can we have a list of members that voted for Biden.
I would like to publicly shame…..I mean discuss things with them.

 

[Dr. Evil]

can we have a list of members that voted for Biden.
I would like to publicly shame…..I mean discuss things with them.

This. Discussion sadly will probably get you nowhere. Trump bad, mean tweets, not a nice guy, yada, yada, yada.

 

[MothMan]

So, my 401k will now have a negative return on the investment of my hard earned income that is continually becoming worth less and less due to rapidly rising inflation caused by many decades of incompetent and corrupt borrow and spend politicians at all levels of government that cannot come up with enough ways to keep taking more of my money because ~30% of what I make hitting their pockets before the part that I sort of get to pretend I can keep hits mine will always provide them an opportunity to raise taxes further and continue to steal and waste because I still have money they already spent while they fail to realize that the most they can ever take from me is everything that I have resulting a surprisingly favorable outcome - NOTHING LEFT TO LOSE.
(run-on sentence intentional)

View attachment 133422

Sometimes u can’t complain about a run on sentence.

 

[1075tech]

This. Discussion sadly will probably get you nowhere. Trump bad, mean tweets, not a nice guy, yada, yada, yada.

Let's not forget because my wife said so

 

[gunpoliticsny]

People need to put a modicum of thought into which vehicles they invest in and periodically check up on them. This isn't hard.

 

[gunpoliticsny]

Here is the public comment page.

 

[Robin]

You play by a certain set of rule and then they change them. Predictable.
Robin

 

[Catskillkid]

You're seeing this too in sectors like higher education that are "divesting" from things like fossil fuels. Now that may one thing but I don't want any of my investments to have anything to with political causes. They are vehicles for the maximum return on investment. Not to support some pet cause for the left or right.

 

[Blimey]

Once again, a big fuck you to the Biden voters/supporters out there.

yeah, fuck Biden. S&p500 up 22% since he took office < 10 months ago.

 

[Doc8404]

seems we are returning to the Obama days.

Trump in office - he didn’t have anything to do with the market improvements!

oh look. Sleepy Joe is making a difference!

 

[GOPerfect]

can we have a list of members that voted for Biden.
I would like to publicly shame…..I mean discuss things with them.

Some will respond and take pride in their vote.

Most will not.

 

[meketrefe]

I’m aware of no better alternative, so it’s still the sole source of my retirement planning.

That is why I am asking. The fact that some might not be aware of a better alternative it doesn't mean there isn't one.

An example, the Amish are 100% fine with not having insurance. I know it is a extreme yet...

About 25 years ago I started a 2nd alternative plan in a different country in a different continent. It is not huge but it is not bad. It will allow me to carry on.

How many people will actually retire in the USA given they are going to be subjects to fiscal abuses?

I am not asking unreasonable questions specially considering where the democratic regimes are going.

What realistic things can people do to avoid being exposed to the government sponsored organized-crime-like schemes?

Everything can change from one day to the next. Currency suddenly worth nothing, assets can be expropriated, etc...

seriously

 

[1075tech]

How many people will actually retire in the USA given they are going to be subjects of fiscal abuses and exploitation?

In a few years, there won't be any USA. If there is, it will be in name only. If there is anyone in the White House then, they will just be a provincial governor for the world wide dictator. It won't matter where you "retire" to

 

[GOPerfect]

I am curious if anyone actually read the story and the proposal?

I did, I am not at all agreeing with it, just wondering how many understand it?