Aug. 13, 2010 at 8:50 a.m.
Filed under:
Investing,
Retirement,
Stock activity
By MarksJarvis on Money
The brief honeymoon with stocks has come to another abrupt halt as investors once again have decided to flee from risk. Treasury bonds are a favorite security blanket again even though they are promising very little to investors locking up their money for as much as 10 years.
As nervous people have flooded bonds with money, yields have dropped to just 2.7 percent. Meanwhile, the Dow Jones Industrial average has fallen 320 points in two days as the Federal Reserve has spooked investors with deflation talk and as more people have filed for unemployment benefits. See where the full stock market has taken investors since happy days faded in 2007.
Aug. 11, 2010 at 10:50 a.m.
Filed under:
Fraud,
Investing,
Litigation,
Retirement
By Becky Yerak
About 120 Illinois and California residents thought they were investing more than $20 million in Turkish Eurobonds when, in fact, a Lisle man and others were spending the money on luxury automobiles, homes, vacations and online pornography, the Illinois Department of Insurance alleged Tuesday.
The state’s action follows a lawsuit filed by the Securities and Exchange Commission in March in which the federal regulator said the group was using the investors’ money to also buy a stamp collection, and also invest in “the cryogenic preservation of umbilical cord stem cells.” Get the full story »
A U.S. District Judge in Chicago ruled Monday that Sam Zell can’t be made to pay for the company’s retirement fund losses because Tribune isn’t directly involved in the lawsuit. Zell was sued by workers who claimed that the billionaire caused the company’s employee stock ownership plan to lose value.
Aug. 5, 2010 at 2:16 p.m.
Filed under:
Government,
Jobs/employment,
Litigation,
Retirement
By Reuters
AT&T Inc. is in talks to settle a lawsuit by the Equal Employment Opportunity Commission that charges the largest U.S. phone company of discriminating nationwide against workers older than 40.
According to a joint filing by AT&T and the EEOC in Manhattan federal court, the EEOC has proposed a settlement of the nearly year-old lawsuit, and both sides held “substantive settlement discussions” in a June 30 mediation session. Another session is set for Aug. 10. Get the full story »
Aug. 2, 2010 at 6:29 a.m.
Filed under:
Retirement
By CNN
Of all the flash points in the debate over Social Security, few generate as much heat as raising the retirement age.
Today, the so-called normal or full retirement age is 66, up from 65 a decade ago. It is scheduled to increase by two months a year starting in 2017 until it reaches 67 in 2022. Meanwhile, 62 remains the age at which those who retire early can collect a percentage of their full benefits.
But many budget and debt experts recommend that the retirement age be raised further. Get the full story »
July 28, 2010 at 11:23 a.m.
Filed under:
Economy,
Retirement
By Becky Yerak
Even affluent Chicagoans believe they’re going to have to put off retirement.
About 47 percent of affluent Chicago residents now expect to retire later than they originally planned, compared with 45 percent a quarter ago, and only 29 percent in January 2010, according to a study released Wednesday by Merrill Lynch Wealth Management.
But rising health-care costs are what they’re most concerned about, with 70 percent expressing major worries about those expenses. In fact, among the 54 percent of local respondents who say they lose sleep over a financial concern, 51 percent said it’s because of worries about health-care costs. Get the full story »
July 15, 2010 at 5:14 p.m.
Filed under:
Government,
Investing,
Regulations,
Retirement
By Dow Jones Newswires
The Department of Labor on Friday will issue a long-awaited rule that would require retirement-plan providers to disclose the compensation they receive for their services.
Some companies supply this information, but the “interim final rule” will require all service providers that receive more than $1,000 to disclose it. The intent of the rule, which takes effect next summer, would be to help fiduciaries better assess “the reasonableness of compensation paid to plan service providers and any conflicts of interest that may impact a service provider’s performance.” Get the full story »
July 13, 2010 at 1:14 p.m.
Filed under:
Investing,
Retirement
By Reuters
No matter their income level, a significant number of U.S. workers are likely to struggle to meet basic expenses during retirement, a new study of baby boomers and “generation Xers” released on Tuesday shows.
Over 40 percent of people with the lowest incomes face prospects of depleted savings within 10 years after retirement, with that number climbing toward 60 percent after another decade, according to Washington-based Employee Benefit Research Institute. Get the full story »
July 6, 2010 at 12:34 p.m.
Filed under:
Government,
Regulations,
Retirement
By Associated Press
The European Union’s executive says Europeans should not retire before 70 to save cash-strapped state pension funds.
In a paper to be published Wednesday, the European Commission says four workers’ contributions to state pensions help support two retirees. Get the full story »
July 2, 2010 at 8:29 a.m.
Filed under:
Retirement,
Work culture
By Reuters
Fidelity Investments has lost hundreds of corporate customers in its defined-contribution retirement plan business over the past year, a challenge for the giant mutual fund firm in a critical segment of the industry. Get the full story »
July 1, 2010 at 9:46 a.m.
Filed under:
Chicago executives,
Pharmaceuticals,
Retirement
By Alejandra Cancino
Abbott Laboratories said Thursday its executive vice president of pharmaceutical products is retiring.
The company said Olivier Bohuon will “shortly announce his plans to accept another opportunity” in a report filed with the Securities and Exchange Commission. The North-Chicago based company named Richard A. Gonzalez the interim vice president.
June 11, 2010 at 12:29 p.m.
Filed under:
Investing,
Retirement
Dow Jones Newswires | More money was pulled from U.S. mutual
funds than added for the first time since March 2009 following fresh
economic worries and a move by investors to cut risk, said Morningstar
Inc.
The investment research firm said in its monthly fund-flows report
Friday the $13.22 billion that left U.S. mutual funds in May was due to
$14.96 billion of outflows from domestic stock funds and $5.99 billion
leaving international ones.
Get the full story »
June 4, 2010 at 4:32 p.m.
Filed under:
Labor,
Litigation,
Retirement
From the Chicago Daily Herald | Warrenville-based Navistar International Corp. said Friday that it will seek court orders to enforce a 1993 retiree health care agreement, which capped the company’s obligations at $1 billion.
Get the full story: dailyherald.com.
May 24, 2010 at 5:23 p.m.
Filed under:
Labor,
Policy,
Politics,
Retirement
Reuters | U.S. state governors working to close yawning deficits are again eyeing a tempting target — the billions of dollars in benefits and wage hikes that public workers won in boom times.
So far, they have achieved only limited success due to ironclad union contracts, federal and state constitutional protections and lawsuits filed by public workers and others.
The stakes are high. All 50 states have a collective $1 trillion shortfall in their retirement funds, says the Pew Center on the States in Washington.
Get the full story »
May 14, 2010 at 10:32 a.m.
Filed under:
Economy,
Retirement
Dow Jones Newswires | High government debt levels around the world, but particularly in
advanced economies, could weight heavily on global economic growth, the
International Monetary Fund warned Friday.
In its Fiscal Monitor Report, the IMF said the potential growth may
decline by 0.5 percent a year based on current fiscal policies and the ratio of
debt to gross domestic product could rise 40 percent above pre-economic crisis
levels to 115 percent.
Get the full story »
