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socrateaser, Attorney
Category: Business Law
Satisfied Customers: 38910
Experience:  Retired (mostly)
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can the govt confiscate 401k through the 1974 ERISA Law

Resolved Question:

can the gov't confiscate 401k through the 1974 ERISA Law?
Submitted: 7 years ago.
Category: Business Law
Expert:  socrateaser replied 7 years ago.

The question is too broad. ERISA is the single biggest Congressional enactment outside of the IRS Code.


Can you narrow the question with some specific facts, please?


Thanks in advance.


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Customer: replied 7 years ago.
Congress is saying that they what to put 401k's, IRA etc. into SS BY WAY of Erisa. A friend said that in the ERISA CODE, LAW. that it states if congress enacts a emergency they could confiscate these funds and place into SS. I would like to know if true or not. I am in the financial industry.
Expert:  socrateaser replied 7 years ago.

There is nothing like that in ERISA. Here is a link to a crossreference of the Act provisions.


That said, Congress could probably exercise the sovereign power of "eminent domain," seize everyone's benefits and deposit them into Social Security, if the amounts transferred would produce the same value at the same time to each partcipant, because that would be "just compensation," which would satisfy the U.S. Constitution, 5th Amendment "takings clause," requirement.


But, it would likely cause a second American Revolution.



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