I’ve read the RFC in question, and I don’t see that it says anything of the kind. It is true that Argentina used a nominally similar dodge to grab the contents of peoples’ retirement accounts, but the situation is rather different than what DOL is suggesting; Argentina folded the private accounts into its bankrupt public pension scheme in order to temporarily shore up the finances of the latter. DOL is simply saying it wants to encourage people to take a big hunk of cash out of their 401(k)s and buy annuities with it…
But all this is neither here nor there when it comes to claims that the Democrats are engaged in some sort of nefarious scheme. They don’t need some secret, subtle way to take the contents of our retirement accounts; they can do it the normal way, by raising tax rates. (This, by the way, is why I’m not-so-hot on Roth IRAs; I suspect that there’s a fair danger that the capital gains in those accounts will ultimately be taxed, at least for wealthier retirees.)
