http://www.investmentnews.com/apps/pbcs.dll/article?AID=/20081012/REG/310139971
"Under Ms. Ghilarducci's plan, all workers would receive a $600 annual inflation-adjusted subsidy from the U.S. government but would be required to invest 5% of their pay into a guaranteed retirement account administered by the Social Security Administration. The money in turn would be invested in special government bonds that would pay 3% a year, adjusted for inflation.
The current system of providing tax breaks on 401(k) contributions and earnings would be eliminated.
"I want to stop the federal subsidy of 401(k)s," Ms. Ghilarducci said in an interview. "401(k)s can continue to exist, but they won't have the benefit of the subsidy of the tax break."
Under the current 401(k) system, investors are charged relatively high retail fees, Ms. Ghilarducci said. "I want to spend our nation's dollar for retirement security better. Everybody would now be covered" if the plan were adopted, Ms. Ghilarducci said. "
Ok, this just boggles me. The government has destroyed social security and now they want to make 401K mandatory, but they control the money? Am I the only one that this bothers?