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Illinois Senate President John Cullerton today suggested the state should start taxing the retirement income of senior citizens who are able to afford it.
The state does not currently tax pensions or retirement funds such as 401(k) plans, but Cullerton told a City Club of Chicago luncheon that should take place as part of an overall look at what he said was Illinois’ “outdated” tax system.
The U.S. General Accountability Office has told regulators that companies managing retirement plans should disclose more about fees they are paid for investments they recommend.
It was the second time in a week that the GAO has looked into 401(k) plan administration and found cause for concern. It warned last week of confusion that could result from the use of target date funds. Get the full story »
Continental Airlines, now part of United Continental Holdings Inc., and a union representing thousands of flight attendants reached a tentative labor agreement Tuesday.
The two previously had reached an agreement in late September, a day before United Air Lines’s parent UAL Corp. merged with Continental to vault them over Delta Air Lines Inc. as the world’s biggest airline. Get the full story »
The Department of Labor on Monday proposed a rule that will require employers to provide more information to their employees about the role of “target date” mutual funds in retirement plans.
Target date funds are often included in employer-sponsored retirement plans, such as 401(k)s, as a default option if employees fail to actively pick their own investments. Get the full story »
Older Americans whose retirement accounts took a beating from the market’s downturn caught a break last year when the government suspended rules that required them to make annual withdrawals.
But now that the markets are starting to come back, Uncle Sam wants his share again. Get the full story »
In the wake of news about a spike in new applications for unemployment benefits comes another potentially troubling sign: A record number of workers made hardship withdrawals from their retirement accounts in the second quarter.
What’s more, the number of workers borrowing from their accounts reached a 10-year high, according to a report issued Friday by Fidelity Investments. Get the full story>>
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 »
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 »
