Proposed Legislation endorses Buy-and-Hold

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Proposed Legislation endorses Buy-and-Hold

Postby Schroeder » 08/12/10 at 19:50:38

Rob, you and your fellow Members of the Financial Freedom Community need to explain to this legislator that his proposal is a Get Rich Quick scheme.

**LINK**
Senator Jeff Bingaman, a New Mexico democrat, introduced the Automatic IRA Act of 2010 last week. The new legislation would require all firms with 10 or more employees that don't already offer a retirement plan to automatically enroll workers in an IRA. Workers who don't wish to participate would need to take action to opt out or change the default contribution amount and investments.

<snip>

The default investment for new savers would be a R-Bond, a new type of Treasury Retirement Bond that would be designed for use with the Automatic IRA. Once the amount saved exceeds $5,000, future contributions would, by default, be invested in a life-style or balanced fund. Individual savers can override these default investment choices at any time. A third investment choice with a higher concentration of equities would also be offered to all account holders, but savers would not be automatically enrolled in it.

Maybe you should also invite Senator Bingaman to this national debate you're organizing.

Schroeder
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