Eyeing Your Pension

This plan, under consideration by Congress, would eliminate current tax breaks on contributions and earnings. This would effectively kill any benefit to holding 401(k)s. In its pkace would be a MANDATORY "contribution" of 5% of your pay plus $600/yr contribution from the government, into a Social Security Administration managed retirement account. (So much for no tax increases on workers earning less than $250,000 !!!!). Additionally, unlike the current 401(k) law, this new plan could pass on only 50% to your heirs..... guess who gets the other half?