{"id":522344,"date":"2022-12-07T01:24:31","date_gmt":"2022-12-06T22:24:31","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/team-bidens-401k-heist-could-raid-your-retirement-for-a-woke-agenda\/"},"modified":"2022-12-07T01:24:31","modified_gmt":"2022-12-06T22:24:31","slug":"team-bidens-401k-heist-could-raid-your-retirement-for-a-woke-agenda","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/team-bidens-401k-heist-could-raid-your-retirement-for-a-woke-agenda\/","title":{"rendered":"#Team Biden&#8217;s 401(k) heist could raid your retirement for a woke agenda"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3fbf69865e8\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3fbf69865e8\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/team-bidens-401k-heist-could-raid-your-retirement-for-a-woke-agenda\/#%E2%80%9CTeam_Bidens_401k_heist_could_raid_your_retirement_for_a_woke_agenda%E2%80%9D\" >&#8220;Team Biden&#8217;s 401(k) heist could raid your retirement for a woke agenda&#8221;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CTeam_Bidens_401k_heist_could_raid_your_retirement_for_a_woke_agenda%E2%80%9D\"><\/span>&#8220;Team Biden&#8217;s 401(k) heist could raid your retirement for a woke agenda&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div>\n<aside class=\"single__inline-module alignleft\">\n<div class=\"inline-module inline-module--columnist inline-module--author\">\n<div class=\"inline-module--author__img\">\n            <img decoding=\"async\" width=\"76\" height=\"69\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2013\/08\/author-betsy-mccaughey.png?w=76&amp;h=69&amp;crop=1\" class=\"attachment-nyp_columnist size-nyp_columnist\" alt=\"Betsy McCaughey\" loading=\"lazy\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2013\/08\/author-betsy-mccaughey.png?w=152 152w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2013\/08\/author-betsy-mccaughey.png?w=114 114w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2013\/08\/author-betsy-mccaughey.png?w=76 76w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2013\/08\/author-betsy-mccaughey.png?w=38 38w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2013\/08\/author-betsy-mccaughey.png 600w\" sizes=\"auto, (max-width: 76px) 100vw, 76px\"\/><\/div>\n<\/div>\n<\/aside>\n<p>President Joe Biden is threatening the returns of 401(k) savings accounts, risking millions of workers\u2019 comfortable retirements.<\/p>\n<p>If you put money into a 401(k), beware. Until now, the law always required fund managers entrusted with your savings to invest the money where it\u2019s expected to get the top profit for you. Period. But late last month, Biden\u2019s Labor Department <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.dol.gov\/newsroom\/releases\/ebsa\/ebsa20221122\">announced<\/a> a rule change that goes into effect at the end of January. It will allow fund managers to invest your money in the stocks of companies that favor left-wing policies, even if they earn a lower return.<\/p>\n<p>It\u2019s legalized theft. The future earnings on your retirement nest egg are being sacrificed to advance a woke agenda.<\/p>\n<p>A lower return means you\u2019ll have to work more years before retiring or start putting more into your 401(k) \u2014 or settle for a lesser standard of living in the final years of your life.<\/p>\n<p>Biden\u2019s rule paves the way for your 401(k) savings to be put into what are called ESG funds. But you can stop it from h<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ening if you\u2019re vigilant.\u00a0<\/p>\n<p>What is ESG? E stands for environment, S for <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">social<\/a> justice and G for governance, meaning who gets hired or put on the company board. ESG funds <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a>ly invest in companies that oppose fossil fuels, support unionization and stress gender and racial diversity over merit.<\/p>\n<p>From the worker\u2019s point of view, ESG stands for Expect Slower Growth. These funds charge higher fees and often produce lower returns, especially now when oil-company profits and stocks are soaring while the tech companies ESG funds tend to favor are doing poorly.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/biden-401k-03.jpg?w=1024\" alt=\"401K Chart\" class=\"wp-image-24917831\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/biden-401k-03.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/biden-401k-03.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/biden-401k-03.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>An upcoming rule change will allow fund managers to invest your money in the stocks of companies that favor left-wing policies.<\/figcaption><figcaption><span class=\"credit\">Getty Images<\/span><\/figcaption><\/figure>\n<p>Two aspects of the Labor Department\u2019s rule should cause you to worry. Both reverse worker safeguards the Trump administration adopted.<\/p>\n<p>First, Donald Trump\u2019s Labor Department stated that fund managers are obliged to put \u201cpecuniary\u201d considerations above other issues, such as politics. They could consider \u201cnon-pecuniary\u201d issues only as a tie-breaker when two companies pose the same risks and opportunities for investors. Biden\u2019s Labor Department eliminated that standard, saying it had a \u201cchilling effect\u201d on ESG sales.<\/p>\n<p>The <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.govinfo.gov\/content\/pkg\/FR-2022-12-01\/pdf\/2022-25783.pdf\">Biden rule<\/a> says 401(k) managers \u201care not prohibited from selecting the investment, or investment course of action, based on collateral benefits other than investment returns.\u201d Politics can take priority. The regulation cites Biden\u2019s goal to \u201cprioritize both environmental justice and the creation\u201d of \u201cwell-paying union jobs.\u201d<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/biden-401k-02.jpg?w=1024\" alt=\"401K\" class=\"wp-image-24917828\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/biden-401k-02.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/biden-401k-02.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/biden-401k-02.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Biden\u2019s rule paves the way for your 401(k) savings to be put into what are called ESG funds.<\/figcaption><figcaption><span class=\"credit\">Getty Images\/iStockphoto<\/span><\/figcaption><\/figure>\n<p>The rule blathers on about the vague benefits of unionization. But the authors produce zero evidence that unions improve returns for investors.<\/p>\n<p>Only 9% of the US private-sector workforce is unionized. Biden is determined to increase that by making the $6.8 trillion held by 401(k) plans more available to union companies than non-union ones.<\/p>\n<aside class=\"single__inline-module alignright\">\n    <\/aside>\n<p>The second worrisome switch is that Biden makes ESG funds eligible to be the \u201cdefault\u201d fund when a worker doesn\u2019t choose one. The Trump administration banned that. Biden\u2019s rule will push more workers unwittingly into these funds.<\/p>\n<p>Biden\u2019s doing an end run around democracy, trying to change corporate America without having to pass laws in Congress. Companies need investment capital. The more 401(k) money is controlled by ESG funds, the more pressure can be put on companies to adopt the ESG agenda \u2014 climate change, diversity and unionization \u2014 whether they like it or not. Biden\u2019s buddies on Wall Street will do the financial arm-twisting.<\/p>\n<p>Democrats invented ballot harvesting. Now they\u2019re on to 401(k) harvesting.<\/p>\n<p>Biden\u2019s rule eventually will be challenged in court and probably struck down. The Labor Department characterizes it as a mere clarification of the 1974 law Congress enacted \u2014 the Employee Retirement Income Security Act \u2014 that requires 401(k) retirement-plan sponsors to act \u201csolely in the interest\u201d of savers. In truth, the new rule reverses ERISA. The Labor Department is trying to do what only Congress has the power to do.<\/p>\n<p>In the meantime, employees should avoid getting stuck in an ESG plan unless they\u2019re willing to sacrifice their retirement to advance a left-wing political agenda. Elon Musk nailed it, tweeting: \u201cESG is the devil.\u201d<\/p>\n<p><em>Betsy McCaughey is a former lieutenant governor of New York.<\/em><\/p>\n<p><em>Twitter: @Betsy_McCaughey<\/em>\n                        <\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2022\/12\/06\/team-bidens-401k-heist-could-raid-your-retirement-for-a-woke-agenda\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;Team Biden&#8217;s 401(k) heist could raid your retirement for a woke agenda&#8221; President Joe Biden is threatening the returns of 401(k) savings accounts, risking millions of workers\u2019 comfortable retirements. If you put money into a 401(k), beware. Until now, the law always required fund managers entrusted with your savings to invest the money where it\u2019s&#8230;<\/p>\n","protected":false},"author":1,"featured_media":522345,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/biden-401k-comp.jpg?quality=75&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[7309,136812,74650,71439,60673,991],"class_list":["post-522344","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-unions","tag-12-6-22","tag-401k","tag-department-of-labor","tag-diversity","tag-joe-biden"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/522344","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=522344"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/522344\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/522345"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=522344"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=522344"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=522344"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}