Faith in Government

When my company’s 401k plan got cancelled, I had to roll everything over into a Traditional IRA. I thought the transfer of money would happen through ACH, since I had to give them the financial institution’s information. But a few days ago I got a check in the mail, made out to the bank I got the IRA with, for an amount larger than I’d ever seen on a check before. So I found out what address to send it to, filled out the deposit slip, and went over to the Post Office to get it where it needs to be.

I got every piece of tracking on that thing that they would allow with a PO Box destination. I don’t trust the Post Office with that kind of responsibility. It made me think whether people like Obama and his supporters on the left would feel nervous putting most of their retirement savings into the hands of the US Postal Service. If the answer is yes, then why do they trust them with our health care? Does the government magically become more competent when they are asked to manage the health care system as opposed to delivering the mail? The latter tasks seems to be a lot simpler to me, yet I’m still nervous entrusting them with my life’s savings.

8 thoughts on “Faith in Government”

  1. Actually, the USPS is the more efficient government agency out there. We could only wish that the rest of the government could work as well as the postal service.

  2. The good news is that if someone stole a huge check like that, it isn’t very easy for someone to cash or deposit it without a LOT of questions being asked.

    I am reminded of an incident some years ago where several federal government revenue sharing checks were diverted. The $27,000 check to Trenton, N.J. was cashed by someone with ID that identified him as “Newton J. Trenton.” But I think it very likely that the bank teller and the bank branch manager must have been in on this.

  3. It’s similar to how a lot of people have no problem with having government control their healthcare, yet the same people feel the need to form giant public unions to protect themselves from the same government.

  4. Aren’t you going to get hit with a huge tax on that? Seems to be they should have directly transferred the money to the new IRA account. By cutting you a check, isn’t that the same as an early withdrawl from your IRA (complete with Tax penalty)??

  5. The big penalty is only if you don’t rollover the money into another 401(k), IRA, or one of the other impossible to remember retirement plans with tax advantage.

Comments are closed.